think the deciding factor for me is this bow has a draw length of 30" and I use a quick release. I found out my draw length is right at 27". I shot some BowTech Liberty's and PSE's and others at 27" with my quick release and it feels so much better. I believe 2004 is the year of the new bow!
Without even looking at the rest of your responses, that comment I quoted above is enough reason to get a new bow. It sounds like you are overdrawn on your bow by 3 inches!!
Yes, I would say that overdraws are outdated. They were basically used so folks could shoot lighter, stiffer arrows out of high poundage bows to gain speed. Nowadays you have more efficient bow designs which create faster arrow speeds. Plus, many folks are shooting full length carbons instead of overdrawn aluminums. This helps with forgiveness and therefore increases accuracy in most cases.
I do not think you would have any problem shooting that same 260 fps with a 27 inch draw length and a 56# draw weight on a new bow if you are willing to play with your arrow weight a bit. I would still probably keep it in the "mid weight" range for your draw weight though as you do not want to give up too much KE or momentum.
Hope this helps.