First off, NO! You do not want a whisker bisquit. That bow's riser is not offset andit will be practically impossible toget a whisker bisquit properly adjusted. The rest doesn't have enough travel to get the arrow over to centershot. It's even possible that few, ifany,of today's launcher rests, or sights for that matter,would work on it and for the same reason.
The sight you have is from the same period and is fine for the bow. It's not fiber optic, but you canprime the balls on the pinswith white paint and then paint them with flourescent orange paint to make them easier to see in low light. Many of us old timers did that back then.
The bow was made whenvery fewshooters used mechanical releases, so it was primarily intended to be used with a fingers release. Head over to
www.goldenkeyarchery.com and, under "Products", click on "Old Goodies". Either the Huntmaster or FlipMaster should work like a charm on your bow. They also still offer springie rests and one of those would be an excellent choice, if you don't mind using feather fletchings on your arrows.
Very important, DO NOT USE LIGHT ARROWS ON THAT BOW. Keep arrow weight up to at least 7 grains per pound of draw weight. 8 grains per pound would be even better. Thoseteardrop string mounts on the steel cableswere notorious for popping off andcausing shooters to shed blood when theyfirst came out with carbon arrows. It's easy to recognize someone who was an old speed freak 3D shooter... He's the one with scars all over his face and bow arm.

Shoot aluminum or a fiberglass carbon composite arrow like the Carbon Express Terminator.
Other than needing a cable guard and a good looksie by a pro shop - preferrably by someone who's been around long enough toknow something about steel cabled bows - there is nothing wrong with the bow. It'll still do the job it was intended to do. You simply have to acknowledge the bow's limits and stay within them.