Unless the paint is so damaged that you're begining to get corrosion to the sheet metal from bare spots I'd just keep it well waxed and sealed and enjoy driving the car as it is. To do a respray correctly you really would need to disassemble the car body, so you're probably better off with a nice original car to leave it as it is and enjoy the "patina" of age. As far as any other preservation, it's just basic maintanance. Proper lubrication for the chassis and driveline and good cleaning of the interior fittings and body along with using the proper protectant chemicals such as wax and leather care products.
If you get any old BBC television shows there check for the early episodes of "Lovejoy" where he drives a Morris Minor convertable, that's where I fell in love with these little cars.
'73 Midget (V6)
'59 MGA (I6) under construction
'73 Lotus Europa
'52 MG TD kit car body project.
'98 Jag XK8
"There is a fine line between a hobby and mental illness"