maybe I'm biased. (I'm old).
Don't turn it into something it's not. I love the details and CRAFTSMANSHIP of things old. You may find that old things work better than you expect.
The only time I would not follow this is that if it is broke and you can't fix it then by all means use something more up to date. And if you have to modify the frame to do so, then modify the frame.
And enjoy restoring the bike. I'm sure your father would greatly appreciate what you are doing.
-----added-----
Hey, that thing isn't that old!! It's from the '70s with center pull brake. sheesh. NOT OLD!! just went to fliker and saw all the photos. looks like it used skewers instead of buterfly bolts. NOT OLD!!
Smilingcat




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