The Bose 501's did not need an Equalizer. It was the Bose 901's do need the Bose EQ. It is a totally different animal. It's debatable if it's worth fooling with. Old technology. 1 cheap rear facing $1.00 paper cone tweeter with teh ability to direct the tweeter sound. 1 front firing woofer.
If you go to a new woofer without paper cones is better, but it will change the character of the sound that you may or may not like. IMHO, I would just move on and buy something new.
Interestingly enough, Parts Express sells a speaker that is designed by famed speaker designer, Alex Jones. The speaker is very inexpensive (less then $100.0/ pair) and the reviews are damn good, believe it or not.
Note: I, in no way like any Bose speakers and more. I could go on for at least an hour if I would want to, but here, I will not. It was only about 2 years ago that Dr. Amar Bose died. He fell off the mountain. Just kidding (Bose is located on the mountain in Framington, Mass. Don't even get me started.