That's Awesome! Yes, you should repair those rerings. If not, it may make the shell go out of round, and indeed you are lucky it is not OOR already.
I have a Pearl made kit with those shells as well. It sounds GREAT as will yours once you have it set up with new heads. Make sure any FT match the shell make-up, as the thin shell drums sound a bit different than the thick shell ones. Yours are pre-1968 and note the difference in badge compared to that catalog page.
Any attempt at a re-wrap of a FT might be difficult to match due to possible fade of your Dixies. It might be difficult to match the color of your wraps there, especially since sometimes you have to buy unseen - pics are subject to settings. It would be best to find something for it in person. Hope your local market is MIJ active.
These BDs tend to need either an anchor or a pedal with velcro - as they tend to scoot since they are so light. Treat these drums as very delicate - as they are and indeed therefore have pros and cons. Never move without cases and don't let drunk girls dance around them. Ok - done perhaps preaching to the choir!