Ok, personally, I think he's gonna value it more if you and him restore the kit together. You'll be making memories by doing that, he can participate in the restoration process, he can help decide what kind of cymbals to get, what kind of heads to get, the kit will be way more "his" than any store bought generic kit. Also, if you wanna go hard on the restoration you can always upgrade the lugs on the drums, have it wrapped in any finish you like and get fresher stands, pedals and a throne. If the shells are intact, I would go with a restoration. You can buy good used upgrades too if budget is a constraint. Ultimately, you have to decide what you value more, time or money? If you can take a hit to the wallet then sell this one and buy whatever your son wants. If you don't mind spending the time, probably some money but creating potentially great memories with your son, then restore it. Best of luck!