Ive had a few elderly saxes in the past and there is always a big debate as to the viablility of refurbing over new. I play a sax dated from the late 50`s and it plays all ranges and stands up well when accompanied with newer models. I would say take it along to your nearest music shop and let an expert take a look at it. If the neck doesnt close up, maybe it can be fixed. However these kind of reapirs, repadding, respringing and general tidying up can run into the hundreds of pounds, so at what price sentiment comes into it depends on the depth of your pockets...

Routine maintenance is necessary on all saxophones and especially vintage/older ones, the more you play, the more leaks you will have, loose screws, etc... In my opinion take it to a well known repairman, I would figure if it has sentimental value you would want to keep it in working order rather than collecting dust.

Just my two-cents
CJ

If you really want to continue playing it get it refurbished, if you want to get a different sax keep the old vintage one and see how much it's worth. If it's not worth much you could take a chance and not have it refurbished and hope that a big boom of that type of sax is wanted by collectors,or you could have it refurbished and keep playing your choice.