They want $500. It’s just not in my budget right now...

At $500 and with what I can see from the photos along with your description, I'd be very unlikely to rewrap that kit for at least these reasons, which were mentioned by others too, above:

1. The cost will not be recovered when you go to sell.

2. $500 for a Slingerland kit in decent shape is a decent buy. It is basically really to gig by the looks of it and that's the best option for it. I probably would be tempted to get a single tom arm and use it as a 22, 13, 16.

I also just noticed that the original floor tom mount is not being used and someone has modded one. Looks like it is somehow connected to the bottom rim I think. Hopefully they didn't drill holes for it. If the original leg mount is stripped you could always replace or coil it. I would definately check that out. Get a closer pic of that leg mount. But again I would'nt rewrap it.