I did a refinish job on both of mine, and I'm happy with them.
Some people think that the rifles should be left, just as you get them, to preserve their history, and historic value. I'm not entirely sure what the value is on a rifle that's beat up to all hell, but in 'origional' condition, but some people like them that way, and I see no problem with that.
Myself, if I get ahold of an old milsurp that's been sporterized, or beat up to all hell (missing shellack, dents, scrapes, grease, "Nigel" written on the receiver) I go through efforts to clean it up, and to restore it somewhat to a more presentable condition. I do this by either replacing chopped down, or messed up or missing parts, rebluing when the original (the one I got it with) finish is just black paint, and the like.
However, I take my time and research, to figure out what the most period-accurate way of doing so would be. Enfield parts get linseed oil. My garand got tung. Mosins get a pine-tar and shellack, or boiled linseed. I like to think of it as less... destroying the rifle, and more like cleaning up an old artifact that's surface from some point in history.
At the end of the day, they're your guns, and you can do what you want with them... only please, for the love of all that is sacred, don't BUBBA 'em!
EDIT: Shameless Plug of my Mosin