If the bow is that old, I would replace that string quick. Like extreme said, take it to a bow shop to get it set up. For just a few bucks, you can have a pro set it up with a new string, peep sight, string silencers, etc... The bowshop will also be able to determine if you are even shooting the best arrow for the bow (weight, length, etc.). You don't necessarily have to replace the pins - pins are pins and they are on or not. However, sites have come a long way and you would probably benefit from going to a better site - one that has fiberoptics for example will make the pins glow a bit in low light conditions. Also as extreme pointed out, have someone see if the bow even fits you. If the bow is too long for example, you will more than likely have trouble with getting back to the same anchor point every time. Good luck.