RE: Peep sights!!!!!!!!!!!!!
You heard right about not needing a tube aligner with WC strings (and many other quality ones). The strings will come prestwisted and prestretched so there should be little to no peep rotation once they are installed and shot in (maybe 50 shots). Shoot the bow without a peep for those 50-100 shots and then install the peep. Align it so it points straight back and that's how it should draw, too---straight back.
As for peeps? There are three without a tube that are very good. G5 makes their machined magnesium in sizes from 1/8" to 5/16". Fletcher True Peeps, the old stand-by, has about the same sizes and have been around for well over 30 years. Then there is the Specialty Ball peep that uses a housing that accepts threaded inserts from about 1/32" to 3/16" (with no insert installed).
These are the htreeused by those in the know. Pick one and you can't go wrong. Try them out in your local shop to see which size you like. Most people pick one that brackets their sight guard at full draw as this helps with centering and torque issues. However, if this is just a hunting setup you may just want one of the larger ones to allow more light through.
OH, and there is nothing wrong with your ANCIENT bow. Believe me, there haven't been that many "latest and greatest" changes to spend money on a new bow if you like the one you have.