I'm interested in what you mean by this, drc. Can you elaborate a little?
In my mind, when you talk about a restored guitar, its value all depends on what was done to restore it and whether or not it was meant to be restored to "as it left the factory" specs or not. Folks sometimes go to extreme lengths around here (as you know) to try to get period-correct replacements for parts -- especially with the electrics -- to "restore" their axes. No question, this kind of restoration adds to value.
But when you're talking wood work, like repairing binding, patching holes, cleating cracks, and indeed refinishing, this is all clearly negative with regard to originality of the item. It's totally complicated how these things will affect value, though. Here's my example of a completely restored acoustic with many things about it that are not even meant to be original (such as wood bindings)... See the attachments of my Tom Jacobs retored Mark VI Artist Special. This guitar was literally a dumpster basket case before the restoration. So clearly it's worth more than before that. But it's not at all in original condition... And, it had to be completely refinished, by the way.