If you can post pics... we can tell you if its easier to repair the old covering and finish... or strip it and recover.
I've had decent luck restoring a couple of old models using 75% acetone 25% clear dope to get lightly cracked dope to blend back together and stop minor peeling.
Because of potential incompatibility of dope thinner to the old dope formula (don't know for sure which brand was used on the model when the original finish was done... you don't want to use "Dope Thinner" Use acetone. (universal dope thinner... works with any brand, Nitrate and Butyrate)
Dope is definitely still available. Some old die-hards still love it.
for patching holes... you TEAR silkspan to slightly ovesize, and dampen the patch with water, then blot on a towel. Lay the patch in place and pant the edges down with 50% clear, 50% acetone. When that all dries, it will be a bit cloudy... paint again with 50-50, and that will go away. then paint to match the original. It will blend right in.