I bought a conn 10m last week from 1935. It was a factory relacquer from back in the 70's. Even with pads needing replaced and action adjusted, the horn WAILS! My teacher loved it. I compared it to my friends Conn of around the same era with original lacquer and a new pad job. I preferred mine.
How much are you going to pay for it? Are you going to get to play it before you buy it?
I think relacquers are great ways for players to get super horns while not shedding out a ton of cash. For the collectors, they don't like them so much. Sure, some relacquers are awful, and mess with the tone holes and ruin the horn, but A LOT of them don't. And the ones that still play great are great deals. Just don't expect to make a lot of money if you sell them.
I got the horn $275 and I'm going to put about $150 into it. $425 vs. a $6000 Mark VI. Give me that Conn anyday! I don't think there's much shame in it either. It seems like some people think if it's not a VI, than it sucks. Well let them think that and bring the prices of the VI's up even more, while all the other horns like martins, conns, and bueschers can be had for good prices.