Does repainting lower value?

Ken Allison

Whitefish, Montana
Have a virtually un-used 1912 AA Grade wood/canvas Old Town, the only exceptions from perfect condition is that the deck decal is worn and faded AND the paint on the canvas is cracked in many places.
Would it be wise to repaint, replace the decal with a newly manufactured replacement in the exact original style and finally, simply give the interior wood pieces a light sanding and fresh coats of varnish?
OR, is it best to leave the whole affair un-touched?
Would like to be able to use the canoe from time-to-time but worry about getting it wet with that cracked paint on the sides.
Additionally, what are those holes, one each in each deck, used for? They give the appearance of little flag or pennant holders, but I am only quessing.
Thanks for helping!!