I would be concerned about getting a new bow string for it. I just retired my old bear last Feb. and I still feel quite confident in shooting it today as well.. It would be around 20 years old right now. Aaahhh the memories that bow gives me.. LOL I shot a few deer with it and it had plenty of penitration to it as well. The new bows do not compare to the dinosaurs from yesteryear.
I doubt the draw length will fit you so it will need to be changed and you can't get parts any more.
Changing the draw length is easy on these old bows. If I remember correctly it is more of where the string is set. Different slots for the string. I do agree tho that you would be very lucky do find any parts for it.
As stated tho if the limbs are cracked you will be out of your $40.. I would concider passing this one by and finding one with newer technology because of the difference in todays bows do not compare with the ones from that period of time..