I bought a Carpenter frame about a year ago (£75 on
eBay). It had been hand painted, but the lugs looked good and it is a classic British hand built frame.
Madgetts of Diss arranged for it to be stripped and painted with lug lining included by Bob Jackson of Leeds, Decals supplied by H Lloyd were also fitted (total cost about £150).
I haven't managed to keep it "period correct", although I did manage to buy some Birmalux rims with Sunshine hubs for about £10 which cleaned up beautifully and I think complement the frame well.
There has been the satisfaction of putting together a vintage bike and the pride in keeping a frame from about 1956 on the road, total cost around £350 which to my mind has been money well spent.
It has been my bike of choice this summer although I will have to ride my (powder coated) Falcon as the weather gets wetter as I couldn't bring myself to fit mudguards on the Carpenter.
My advice would be try a few bikes to find out which frame size you generally feel ok with, spend a bit of time trawling through eBay then enjoy the whole restoration process
