If you are shooting with a release, just put a D loop on and it will straighten up the peep at full draw. The twist is not torquing the arrow. Most strings will line up a little off at rest, but with a D loop, they will staighten out just fine.
You can adjust the peep so that it doesn't twist if you have well made strings, but it usually requires a bow press.
New strings are probably a good idea if they are over 2 years old. However, if they are in good shape, you may be able to wait a while. The first compound bow I ever bought is about 10 years old and has it's original string & cables. The bow hasn't been shot very often in the last 8+ years, but they are still in good shape. Stretched out a bit, but not a safety issue.
Allen