I have been doing these light restorations for a while, much of what I do is similar to the current discussion- with some differences.
I've done several pairs through this forum, maybe the owners can chime in (Wayne, Tod, Scott, Mark) ?
1) The outer shell is cleaned, not repainted. Ends up looking pretty darn good.
2) Reflectors are disassembled from the shell, then replaced with stainless screws on reassembly.
3) Reflector dishes cleaned and sprayed with a 'shiny' silver paint - it's not like a mirror, but way better than before.
4) Terminals are reformed to original shape as necessary, polished up and re-bent so spring force is improved.
5) Ground sockets are cleaned up with a wire brush to remove corrosion.
6) High Output lamps (nickel shell) installed to replace old dim ones; tails: +150%; brake, turn, reverse: +34%. (+5 to 6 Watts)
7) UPGRADE- additional 'low' filament (running light) added to brake light for major increase in light output, size, reliability, and brings them closer to current lighting standards (useful if you drive the car). This is optional, of course, and may help avoid a rear end collision.
Be glad to take a look at anything you have, as long as it's basically sound I can probably bring it back to do its job nicely!
Pricing around $150-300 per pair, depending on how much work it needs, and the upgrade option.