In my opinion, there is no material value to "Parker Ads". Do what you want to make you happy, cut them out, copy them, frame them, enlarge them, colorize them, you name it. The original ad is still not worth more than one you enlarge and print from an ebay sale. Try to find some original Parker paper, which comes up for sale at PGCA events and double gun events, as well as on ebay. I don't cut up my original sporting publications, but doing so probably doesn't affect their value, if there is any. I love them, (the early sporting publications) but they are a bit of a hard sell, in my opinion.
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