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I don't know--modernizing seems like a slippery slope. Would a modern reader really puzzle over "to-day" and "ash-tray," and need to see "today" and "ashtray" instead? A spelling like "clew" might be a tad confusing out of context, but clear enough in context.
I would rather see the spellings and punctuation left alone, and some kind of glossary or notes added to explain oddities that are thought to hinder understanding.
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