References have been made to tightly serving the line and painting it with a polyurethane. I am supposing the serving is just to protect the line from chafe and uv, as opposed to keeping water out like with wire ?
I was planning on using a cover (common polyester braided line cover, like yales TST) over the shrouds, which after further thought will probably be of vectran as opposed to spectra.

I had considered machining some alum deadeyes so that we can get away with smaller lanyards, which I feared may split the original wooden ones...
Just as an interesting note I am planning to use harken carbo air blocks with 5/16" thick wooden cheeks to 'hide' them on the boat. probably maple for the cheeks, unless there are any other suggestions.

Thanks for the input and I will be sure to let you know how the job progresses.