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@moth
Squirt some WD40 or better penetrating oil into a bottle cap, dab it onto the spokes at the nipple, spin the wheel then leave for 24h before you try turning any nipples. Use a 4-sided spoke key of the right size. I really like the spokey pro ones.
A rim is knackered when either the brake track is too worn away, it is badly bent or dented, or it is cracking around the spoke holes. Hold a straight edge against the brake track to assess wear there, clean it to look for cracking at the spoke holes.
Once you know the state of the rims, it's all about whether time or money is worth more to you, and whether you'd enjoy the effort. New 126mm hubs can still be found: http://www.sjscycles.co.uk/dia-compe-ene-touring-rear-hub-quick-release-126-mm-oln-prod26578/ http://www.cyclebasket.com/m9b0s412p2680/ZENITH_Large_Flange_Classic_126mm_QR_Rear_Hub_