one of my fave Pearl wraps. How bad is it? Unless it was falling off or huge sections were missing I'd clean it up as best as possible. That wrap does have a tendency to bunch up around the lugs.
Yes, I wish someone produced a reproduction of the blue and the red that Pearl used back then. Maybe someday.
Like I said, for the most part the wrap on this set is toast. Except for the 8x12 there are majors rips and splits on all of it, even has some chunks missing. And a LOT of "bunching" around the lugs. The 8x12 is the only one that is sellable as is, and it's got one place where it has bunched up around a lug. The pictures don't show the issues much at all, however.
As always, when I do get to this set (it is NOT going to be real high on my priority list) to rewrap it, I will save the wrap. I've also got some of the red oyster saved back, 'cause you never know when someone may need a piece for a patch!