Receiver maintenance.
If you can clean off the VC and speaker terminals with some electrical contact cleaner and repair a few solder joints, then go for it, but I wouldn't invest money to repair the old gear.
For any serius HT system, you will want a 5.1 or 7.1 system with Dolby, DTS, etc. processing.
The old speakers might work OK but the foam surround material on woofers tends to deterioriate over time.