It depends. In English I don't know, because it's not my mother language, but in Spanish I'd either keep everything as printed (including long-s, weird punctuation, old spelling) or modernize almost everything (mainly accents and punctuation). But I haven't worked in a book which had long-s in print yet, I guess if I find it it would be old enough to make me wish to keep all the old things.
I've made a book which had an excerpt in German with a long-s and fraktur font, I kept both.
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