Anything electrical with bare wires/terminals/coils has crossed the threshold of it's "use-by" date. Scrap it or pitch it. You can never be 'too-safe' around electricity. My wife the E.E. will-be quick to tell you that, after a forty-one year career.
I have one that's probably 50+ years-old, it belonged to my father, but the case is still intact. I do have a modern Weller gun I bought not-long ago. I like the quick heat delivery, and it's dual-wattage choice. It's like having to grab the next-size hammer, just easier to do the job with the 'big gun.'