Actually John, without seeing more detailed images of this armor how do you know exactly what condition it is actually in? Would you personally attempt to display an armor in this condition??
So much about this fascinating hobby is about personal taste, opinion and approach. You're absolutely right that I can't tell everything from the photos supplied by Christian, but based on what I can see, I would have no qualms at all about displaying this armour. All the areas of damage you point out have to do with individual strands of odoshi, not swaths of it. Most of the odoshi is still intact and the urushi seems to be in very good condition.
Personally speaking, it's in good enough condition to display and like most collectors, having just acquired the armour (with the accompanying excitement about displaying it), I'd probably be reticent to immediately go out and spend the time and money to have it repaired/restored. This would mean being without it for several months at the very minimum; the risk of sending it wherever it's going (and then sending it back); and the attendant costs of the restoration. My feeling is display it as is and if the parts start falling off (doubtful), then deal with it at that time.
Someone else might have a completely different opinion - and I respect that.