If the kit has sentimental value to you, go for it. Yes. Lugs are replaceable. I've been playing for 20 years +, my first set was a 68
Ludwig 7 pc. I refinished it (took off the wraps and stained and lacquered the shells. Got new hardware from lugs on down). I ended up selling it in order to help pay for a new
Mapex kit. I kind of regret it now, but I made a profit of 1,000 off of it. It does take time and patience to refinish an entire set.