I like their old school attempt but I don't like the apes either. The headlight needs to be more globular. A BA or Speedy lamp painted flat black would be a better shape.
I'd add a thin red pinstripe around the white tank panel just the thickness of the line itself away from the white panel... so it would be a thin black line then a red line around the tank panel... which of course would make me want to have the striping go Von Dutch on the fenders and center of the tank too...