At what point does reluming an old GMT make sense?

[daOnlyBG]

Hello. Please bear with me for a moment, and consider the following scenario:

Let's say I wanted a GMT that glows in the dark, but during the day, has a vintage appeal. The intuitive thing to do would be to get an old GMT-Master and relume the dial and hands- after all, tritium doesn't exactly glow in the dark anymore (and if any still do, they're on their final frontier).

Now, many here would be quick to say "Don't relume the dial, it'll take a hit in value" and they would be correct: the watch is no longer original when the dial (and hands) are relumed.

Ah, but relumed dials exist. As long as someone made that grave error before you, you could (in theory) buy it off that person for the discounted price and either wear it, or if you want to go the extra mile, you could apply the "yellow" luminous material that IWC uses for its Big Pilot Heritage to give off the aged patina look that many collectors look for.

So if the watch already has been relumed, there's not really a problem. You pay the asking rate for a relumed dial and do whatever you want with it.

But what if the watch hasn't been relumed?

The trivial case involves an otherwise original watch in very good (or better) condition. You don't touch it. If you don't want the watch, you just let someone else buy it. Easy.

Nontrivial case: what if the watch's dials and hands have peeling/chipping/damaged lumes? Is it still OK to relume them? Does have to be tritium, or could you use luminova?

Even if it was OK, would the presence of damaged lumes imply that the dial is probably damaged too, or are there plenty of examples where the lumes are messed up but the dial is otherwise OK?