I have been slowly working on my 1954. I am not cosmetically restoring this bike at this time, but I am going through all the mechanicals and such. I am going to leave all the rust and patina on it for this summer, and will probably do a cosmetic resto over the winter.
So far I have straightened the front end, trued the wheels, cleaned and regreased all the wheel bearings and head bearings. New tire tubes, but left the old tires on for that vintage look.
I have cleaned the inside of the gas tank.
The fenders were a mess, so I beat them back into shape and welded the tears in them. I didn't spend much time dressing the welds, just a few minutes with the flap wheel.