RE: what would you do?
If you are just getting started, I would replace the string and shoot it as is, provided the draw length and weight can be adjusted to suit you. It wasn't long ago when that bow was considered to be very nice. It's every bit as capable now at downing whitetails as it was then, despite what whatever technology is available now. Starting with a "free" bow will also let you develop form and decide what traits YOU like, don't like, or desire in a bow; and allow you to decide even "if" you want to stick with archery, without being bound to any financial commitment. If/when after shooting the bow for a while you DO decide you would like a new bow, you can go about searching for one in a much more educated and focused manner; ultimately putting a bow in your hands which truely suits YOU best, while keeping money in your pockets from willy nilly, trial and error purchases.
Cogratulations on wanting to try archery! Whichever route you go, I wish you the best.