Tom,
That's way too nice of a preserved, original panel to chop up and make "modern". With the exception of perhaps a new comm/transponder in the lower left, I'd do my best to keep it as original as possible.
Anyone who will be interested in a 48' rag-wing C-170 will place a higher value on a stock panel than a modern, capable IFR panel that looks like a new C-172. I know a guy in the middle of a C-170 restoration who is trying to find parts to restore his old modified panel, he'd kill for what you have.
Mike-