It's an interesting question I've asked myself on a number of occasions. When is it ok to restore and item, and when should it be left alone? I tend to prefer my memorabilia as close to original condition as possible. I think it adds character, and authenticity to my collection.
That being said, if an item is otherwise a write off (fallen apart, obscured by stains/debris), I think restoration is ok. The item isn't going to be made any worse by a professional conservation. Restoration is done on classic art all the time, I don't think there's anything inherently wrong with doing the same for sports collectibles, as long as future owners know they're buying restored items.
Using the examples you posted, I would not have touched the Wagner portrait, but I am ok with the Cleveland restoration (though I would have been fine with it in its original state as well).
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