Thanks for the update. It sounds like you are leaning towards a re-wrap, since you say the original wrap is toast. Are you looking to use this snare with an existing kit? If so, you could re-wrap it in a close as possible wrap. If not, you could buy new WMP wrap from Precision Drum (adhere with glue) or Jammin Sam's (adhere with tape). Since it's a snare you might even find a forum member that has some original WMP wrap that was removed from a FT or bass drum. Since you will be removing the wrap and there are extra holes in the shell, the value will not be equal to an all original drum. :( Unfortunately, that's just the way it is.
You have a Dixieland (4105) snare:
http://www.vintagedrumguide.com/images/gretsch_snare_drums/1961_gretsch_snare_drums2_th.jpg
$20 - cost of drum
~$30 to $40 - cost of new wrap
~100 - new Micro-sensitive strainer
Total - ~$160
I'd say that's pretty good for a mid-60's 6-lug Gretsch snare. Plus, this drum has some history and means something to you.
Precision Drum
http://www.precisiondrum.com/
Jammin Sam's
http://jamminsam.com/
-Tim