Is that a factory natural finish or did someone strip it and refinish it? If it's "factory" you don't want to rewrap it as that is a pretty rare bird. Also, depending on when it was made, if that's the factory finish and you add a layer of wrap to it it's possible that heads will no longer fit right. If it's a drum that someone stripped then do whatever you like but the factory walnut (or mahogany or natural maple) is pretty rare so keep it original or sell/trade it to someone who needs it.
Chances are if you rewrap it in any of the modern WMP wraps it's still going to stand out like a sore thumb anyhow because the lack of yellowing on the new wrap and the newer wraps usually have a much smaller chip pattern. Your best bet would be to keep hunting for a WFL or Ludwig floor tom in original WMP. That was a fairly common color so one should pop up eventually. A WFL or Ludwig drum made between 1955 and 1968 should be pretty much the same construction as your WFL's, including the wrap going into the seam.
BTW: Just in case you didn't know, WFL and Ludwig are the same company and the drums were made the same way in the same factory. In 1955 Bill Ludwig Junior bought the Ludwig trademark back from Conn Musical Instrument Company. At that point the Ludwig family were able to rename the company they had started in the late 30's, WFL (William F. Ludwig), as the Ludwig Drum Company. The drums were still sold under the WFL brand name for a couple more years before they transitioned over to the Ludwig brand in late 1958. The drums themselves didn't really change, just the name on the badges. The production details did evolve over the years but the three ply shells stayed about the same until 1968 when, among a couple of other changes, they started to apply the wrap to the shell after it was formed.
Check out item number 181755488579 on ebay. Remove the snares and throw off, add some legs and you have a nice interim floor tom until the real deal comes along.