Uncle Matt,
This is a post in which you are probably going to get some varying opinions. The time frame in which you quoted is probably about right for the Whitetail Hunter 2 bow. The original Whitetail Hunter was produced even earlier than that...circa 1985 or so.
Many thoughts initially popped into my head after reading your post but it seems I am having somewhat of a difficult time placing them into some form of coherrent order (its pretty early yet...
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One thing to consider is that considering the age of the bow and the type of parts you are talking about replacing I think you are going to have a very difficult time finding or getting them. Most bow companies keep some parts in stock for a year or two after the bow is discontinued but rarely longer than that. The bow in question hasn't been made for almost a decade so I sincerely doubt you are going to be able to get new steel cables or new cams/limbs.
I do still suggest that you take it to a pro shop to have them look it over but chances are that they are going to tell you the same thing. They might be able to do "band aid" job to the bow to make it safe to shoot for now but in the long run I believe you would be better served just to buy a new one.
I hesitate to answer any of your further questions until you respond to what I posted above. Good luck and let us know what the local shop does for you.