I picked up a very tired example of a Summar a few weeks ago - everything stiff, finish worn, front glass nearly opaque with scratches, and the rest of the glass covered in haze. I disassembled it, cleaned and lubed as appropriate, repainted the flaking black paint on interior surfaces, and spent many hours hand-polishing the front element with cerium oxide (it had been coated, but obviously that's now gone). It's not perfect, and probably never will be, but it was good enough to warrant testing, so I reassembled and mounted it on my X-E1. These are two from earlier today, both straight from the camera JPGs shot wide open (no hood).
All things considered, I'm pretty pleased, as the lens was completely unusable when I got it. The front element could probably be improved a bit more with continued polishing, but I'm going to shoot a few rolls of film first to see how it does before I make that decision.