I'd leave them alone, if re-selling. Let the next owner decide. I like the character, as long as it's not mostly bare wood left. I did an old Kent kit and did repaint the hoops with Rustoleum brand. A good cleaning/polishing might help the price. If you do re-paint you should note it as such. Some drummers will "beat" you for hiding such things.(nyuk,nyuk.)

Thanks Larry, all I have done to these drums is clean them up. I do not want to have to list them as restored, or have to explain anything that might be considered hiding flaws.

The chipped areas are pretty minor for a kit this old, so I am in favor of leaving them alone even if it is really the only flaw in an otherwise beautiful, clean set.

Kurt

I agree with leaving it for the next owner to decide...

Cheers

Another vote for leaving them as-is!

-Mark

To answer your questions-

Based on what I've seen, repainting the hoops doesn't seem to devalue drums, therefore, it's reasonable to believe that repainting them wouldn't really increase their value. If a nick was really noticeable you could use a black sharpie to touch it up. I'd try that on an inconspicuous spot first though.

I believe the paint used for hoops is typically a satin black, at least for Ludwigs.