I think this may depend a lot on what you are looking for, a players kit or a collector kit. Are you considering these because they are cheap, or because there is something about the sound or the styling you like?
Most of what we call stencil kits were manufactured either by Pearl, Tama (Star), or Hoshino. Combined they produced these under over 100 different brand names. Most are fairly similar, hence the moniker "stencil kits".
IMHO early Japanese drum manufacturing left much to be desired in terms of quality control. For example some drums made under the Stewart badge are pretty darn well constructed, and others are pure offal. That seems to be true for most.
I have noticed that some early Pearls under the badge name of Whitehall are a noticeable step up from most of the stencil drums of the time. Mine have a Maple veneer in the Bass drum and somewhat better mounting hardware than most 60's era stencils. The shells are also noticeably better constructed, with no wide gaps in the seams as is common among stencil sets. It will be interesting to hear what others have to say about this topic.
Oh and yes, nearly all were of Luan. Don't let that dissuade you though, under the right conditions those drums can be made to sing. I would not compare them to Maple or Birch by any means, but compared to the Poplar and Basswood schlock coming out of Asia these days, I think Luan wins hands down.
As far as re-wraps and bearing edges, I can't speak for most guys, but that's what I do. Bearing edges help a lot, and in my opinion absolutely necessary on some of these kits, but I have found that what benefits them the most is a good isolation mount combined with a fresh set of drum heads.
Oh, one more thing. You will find a great deal of bias against these drums here, it's normal and generally based more on conventional wisdom rather than empirical evidence, but there is also a cadre of people here who have actually taken the time to investigate these drums and have formed different opinions. These drums can definitely be considered to be "high maintenance", but sometimes the effort pays off dramatically.