I no longer have the tools, chemicals and so forth that I had 15 years ago, and I really no longer have the energy to undertake complete restoration jobs even if I still had the means. But I can handle ghost problems , and do. I have, however, had occasion to suspect on a fairly firm basis that some sellers what coat their bowls have covered up significant heat stress that emerges later. (I haven't heat stressed or charred a bowl on a pipe I have owned from new since a few years after I started smoking a pipe so when spider webbing shows up in such a pipe after a few smokes, I have my suspicions.)
I do appreciate the savings from estate pipes. However,while I have sold several estate pipes over time, I rarely if ever willingly part with a pipe that I have broken in from new. The best estate deals I have gotten on eBay have been from experienced eBay sellers who are not pipe specialists but know how to take really good pictures. It is a relatively rare occurrence that such an individual has what I am interested in, but two Castellos come to mind that I won last summer that were truly not even broken in, as the seller tentatively claimed and the pictures seened to promise. And I say they were good deals even though the auctions attracted a lot of bidders and I paid what I thought was full market value. I would never willingly sell either pipe for my cost.
I would not agree that a thoroughly smoked pipe indicates a well loved pipe that is a good smoker. Maybe, maybe not. A restored pipe, unless you know the ethics of the seller, could be a truly problem pipe. And just because a pipe has not been "professionally restored" doesn't mean efforts haven't been made to cover up problems somewhere along its journey.