There are as many philosophies on collecting and restoring as there are collectors. Here are my thoughts, what do you think?

Collecting

-- you should start by deciding the aim of the collection and set a realistic target
   (for example to collect some grammophones from each decade to show the
    development from Edison´s phonograph to the CD player or perhaps even the MP3 player)

-- do not overload your collection, it is better to have a few nicely displayed neat objects
    that work than the basement filled with junk!

-- find data on the objects, for example manufacturer, year, history and if possible diagrams etc.,
     it is also fun to have typical accessories

Restoring

There are some different schools on this:
-- you should leave the object as it is however bad it looks
-- you should restore the object as close to the original as possible

If the object, as often is the case, has already been tampered with or is in a very bad condition, I believe it should be restored, and I make the following priorities:
-- the object should be close to the original electrically, mechanically and in appearance
-- you should as far as possible use the correct wiring, layout and components

If you push this too far however, you face the risk never to finish your project. I therefore tend to compromize to get forward, and later I try to find the right components to get closer to the original. Vintage components can with some patience often be found on the auction site eBay.

Before you start with the screw driver and soldering iron you should make some preparations:
-- document the object in text and photos
-- write a restoration program, deciding what is practical and how much work you are
   willing to do
-- it is of the utmost importance to find handbooks with wiring diagrams, layout
   drawings, photos, alignment and maintenance instructions, anything you
    can find about your object before attempting any restoration. Preferrably
   in the form of original handbooks which are themselves collector´s items
   and will add to the collection. Some documents can be downloaded from the Internet,
   some can be bought on the auction sites, found in libraries or in collections.

My collection

I collect on such a small scale that I can´t really say I am a collector! I like to restore electronics to its original state and I try to completely restore one object before I aquire a new one to my collection.

I have started collecting aircraft receivers from the second world war (WWII), specifically receivers for ground stations and heavy aircraft. I like heavy units with glowing valves and gleaming dials ("boatanchors"). So far I have seven!! of them, not any seven, but the legendary Marconi R1155 and it´s predecessor R1082 which are both restored, as well as a Hammarlund SP-600 (a later variant of the war receiver SP-200) and an RCA BC-348-R, almost completely restored. I also have a Telefunken E52 Köln and two recently aquired FuG10 (EL and EK) where the restoration is well underway.

I also preserve the domestic electronics, for example radio, amplifiers, grammophones, tape recorders and accessories, that we have used in our family but which has been exchanged for more modern equipment. In addition we also have some inherited electronics in the collection.

Links

Helge Fykse´s Radio Collection
Chris Parry G8JFJ: The Restoration of Valved High Frequency Communications Receivers