The wrap condition looks appropriate for a drum from that period and general condition. My son has a Ludwig WMP Jazz Fest built earlier than 1965 which he purchased from forum member BEC a few years ago. The wrap on that drum is in at least as good or better condition than on your drum.
Until sometime in the late 60's Ludwig glued the wrap to flat shell material before being formed into a drum shell. The wrap was scarfed into the shell where the overlapped edges were joined.