I don't see any reason to restore figures. If you want mint figures, there are loads available and they are easy to get. If the draw is that they were your childhood toys, then leave them as that anyway. As soon as you paint over your own play-wear and history, they may as well be anyones, they will loose all identity.
Finally, if you really want to play at painting figures as a bit of project, then I'd recommend getting some beaters for a few quid each and making something original with them rather than trying to recreate something readily available already that runs the risk of being passed on at a much later date as original. If you search the internet for Star Wars custom you'll get loads of inspiration.