Well I have 2 550s that I made a post about.
An 87 in road flare that I had already taken to be fixed and they made worse,
And a black I did myself.
Here's a before and after.
As far as the value.. unfortunately the 550 isn't a Jem.
So as long as it has an original paint color and In good shape it will still sell competitively with others of it's day.
These still easily go for 400 to 600 in bad shape, so one that's been restored and repainted can get around that too.
At least what I've seen on reverb and eBay.
A Jem for example that still sells at 3k average looses Alot of value.
On top of that, it really depends on what your after. If you are happy with it and never plan to get rid of it you can do what you want.
You could also just fade it out, and preserve the heel and headstock, just work the area that your in contact with.
My goal was to try and keep it as stock as possible.
Not because I want to sell it, I plan to keep it for life since it was my wedding gift and it happens to be a birthdate guitar, I think only a few months younger then me but as close as it gets. (as a lefty)
That said I want it to be in as good of shape as possible for as long as possible.
Of my 20 guitars, my wife and I already talked about the ones that she would and wouldn't sell if anything were to happen to me.
I we kinda agreed on 3 that can't be sold
This 550, a limited edition Schecter Hellraiser, and myforever long partscaster that I've been slowly replacing and upgrading things on since she met me.
It was the first guitar she heard me play, and she bought me the other 2.
She said maybe one day these get passed on to our children (although I doubt they would be lefty).
So while I'm not worried on its value, I see more value in keeping them as is as long as possible.