Yes, it should be re-wired for sure. Most pumps of this vintage have cloth insulated wiring and you can bet its rotten. The hardest part will be getting the wax out of the conduit. The wax was used to make the conduit explosion proof. You'll have to use a torch to melt it out. Heat the conduit with a propane torch until smoke starts to come out of the ends. Try pulling hard on the wire, and if it's hot enough, it should pull out with the wire. It's never fun to do this. I usually remove the conduit at the electrical manifold just to not have to do the entire run from the base up. I use a weather tight cable grip at the manifold.
