Problem with this idea is that the wrap on one of the drums is badly damaged and won't be easy to repair. If it was a RARE finish i would say, no don't re-wrap. But silver sparkle is about as common as white marine pearl or champagne sparkle or blue sparkle, so no great loss if one kit gets re-wrapped in the color its SUPPOSED to be.

Gotta love The Band!

You might want to combine a few of the suggestions that people have offered. mcjnic has some faded scraps of silver sparkle that would probably be a pretty close match -- you could use his scraps to make a patch. (If his scrap is big enough, I'd be tempted to cut a 16" tall strip, wide enough to cover the damaged area, and just stick it over the whole damaged area rather than trying to make several small patches to fit. You'd have an extra seam, but that would hardly be noticeable.)

Then, just to mask the damage that much more, you could hang a stick bag over the patched area. No one would notice.

On the other hand, it sounds like your grandfather would be proud to see those drums gleaming with new silver sparkle again. Your call.