I recently bought a nice German (French style) bow - it was a little tatty to look at and didn't have the leather or silver wire. I rubbed it down with 1200 grit paper and oiled it (not the hair!!) and never got around to getting the "grip" replaced.
I have found no detriment playing it, either comfort or timbre, so have left it as is loooking quite nicely bohemian. I have a couple of backup bows and despite all the creature comforts on those I much prefer this one. Then again, who knows, maybe if I got it "finished" it might be even better. So far I have not found the need to stray away from the naked wood. Lovely nice satin feel...
