I know my opinion seems harsh but the bow is around 50 years old with deteriorated fiberglass, not worth risking a failure at full draw with. Think fiberglass splinters in your eyes and reconsider putting it into use.
I still have my first solid fiberglass bow from the 50s, a Paul Bunyan 35 pounder. the fiberglass has cracked and deteriorated on it as well. When I found it in my mothers house about 15 ears ago I made a string for it, strung it, took a couple shots, thought of what poor condition it was in and put it back in the closet.