Painted wood shingle siding, chipped, peeling, old

[Jack Moran]

Looking at a property with painted wood shingles circa 1970~ era install. Peeling, chipped and looking bad. Lead paint is likely. Some shingles broken. I'm looking to BRRRR and long term hold. I guess the options would be;

•   Rip them off and re-shingle
•   Just replace the broken ones and then scrape the old and prime/paint everything.   
•   Cover it up with Vinyl
•   Are there other options?   
• What's everyone think?  Anyone have experience dealing with this?