Aleksey,
I appreciate the points you made. I was well aware of the same thing (these tools are to fix badly recorded vocals, or maybe a single instrument, never are they advertised at being able to help with a full recording), but you don't know until you try.
I had no luck with the Waves one, and didn't get around to the Acon one, I figured if I gave the iZotope de-reverb a fair shot, that would give me a good indicator if it was worth pursuing other similar options. I played with the settings extensively, found where all the biting points are, etc, saw on the spectrogram what it did to the audio, and heard what kind of results it can produce. It's actually very smart software, and I have no doubt it can do a wonderful job on vocals maybe, but on a full recording, it's too much of a feat for the software to be able to do anything remotely smart.
timtape,
A quick google of "Harbal" and it immediately seems like an interesting piece of software that may have a good use-case - it doesn't immediately seem catered to restoration efforts, more like mixing/mastering, but that never stops me from taking a look

if I can get my hands on it, It miht be very interesting. There are some bits of software out there which are so difficult to come by, or are incredibly expensive - for example an expander, the opposite of a compressor, I only have one such VST, and a harmonic balancing tool which does any kind of analysis is something I don't possess!
Back to Aleksey,
I believe you have iZotope and perhaps the ability to look at spectrograms, well here's the results of yesterdays work, I focused on eliminating the minor dropouts that you pointed out, and again, they're not all minor, some are quite noticeable.
I thought I would make this a bit more interesting, I am uploading the rxdoc for the work I did specifically with the dropouts, I don't actually know how it works, let me know if the project complains about missing a file, I'll send the exact file I used. if it works you should be able to trace through every single action I did, you can probably tell if I am doing a bad job or not in just a couple of minutes, only if it interests you. You can tell I got tired playing the game of luck with spectral repair and tried to save it for big drop-outs, nobody is perfect but there is some good work in there.
[
https://drive.google.com/file/d/1GXA...sp=drive_link]
I used the spectral repair "pattern" mode for complicated areas, and the "partials + noise" for obvious gaps with clear harmonic content on both sides of the dropout. I use the "time-frequency selection tool" to target specific areas, because these tools are a bit like gambling, sometimes they will produce an amazing result, sometimes they will hallucinate or create harmonics that simply aren't there, or fudge nearby harmonics inexplicably, and a few times they produce a good looking result which isn't good sounding, like adding a random noise - but with trial and error, there was much success.
Where that failed, I used simple EQ to target areas that were minorly dampened, where the dropout hadn't fully split the recording, to iron them out - there were various times I couldn't fix a dropout to my liking, so I settled for just ironing it out so that it was less noticeable - I just can't accept the invented frequencies and "spectral shapes" that the spectral-repair can introduce into the recording.
Let me know what you think, I was flying through it by the end, I felt like I learned something, but obviously there's still lots to practice.
So overall, I am kinda done with the track, I am still applying finishing touches, but may post the final result in a few days - nothing is ever really final, but due to the "TV effect", it won't really be a satisfying result. It sounds fine in headphones but it'll always sound weird through speakers.
Then it's time to do some further research and try to send the recording to anyone that might be interested in it, fan sites, etc, usually this doesn't work out well.
For example I came across an instrumental orchestral recording done by Hungarian "Studio 11", I would never have identified it if the radio announcement wasn't also caught on the tape, naming the orchestra - I reached out to them via their website, and they said something along the lines of "We collaborated with the USSR to produce a string of instrumental works for them, but we don't have any of these recordings, or any information about these recordings". Great track, didn't seem to care much about having a piece of their own history made available to them...
I also came across a concert recording of the song Mediteranneo by Italian singer "Milva" from the mid 70s, did my best to try and find it, sure enough, doesn't seem to exist - reached out to the official website of the singer with the recording attached, asking if it's a novel find, if they want it cleaned up and straightened out a bit, not as a paid service or anything obviously, never heard back from them - likely an unmonitored inbox.
I could go on and on! Eventually I'm going to put together some sort of crude website just to post my findings and restorative work, I'll post lyrics, dates, and then people can come claim their songs...
Anyways thanks for all the feedback and advice guys, audio engineering and restoration is one of those things people rarely talk seriously about, because for some people it's their bread and butter and let's face it, if you have a knack for it, or some cool tricks up your sleeve, obviously you wouldn't want to give it away or shout it from the roof-tops. It's just a hobby to me so I don't see it that way I guess.