Classic & Vintage - Rebuild with old hub and rims?

I have the original set of 27" wheels on my 1970 Raleigh Grand Prix. The spokes are rusted badly and the steel Rigida rims are pretty heavy but the alloy No0rmandy hub is in good shape. I feel that I should rebuild the wheels since the spokes look terrible, this isn't just surface rust, this is flaking crusty rust.

Options would be:
1. Save cash and rebuild the wheel with ss DT spokes, the same steel rims (I'm not concerned about weight, only strength, I'm 220 lbs) and Normandy hub.

2. Scrap the rim and use new aluminum rims and ss spokes with old hub.

3. Buy new wheels.

Personally, I'd go for option 2. Good aluminum alloy rims are actually stronger than steel rims and certainly lighter and stop quicker.

Option #2.

Option 3. The Normandy hubs look cool and retro, but the cones pit when you ride around the block once.

Thanks for the input. Was hoping it wouldn't come to this. I'll have to spend money. That's a bummer dude.

option 2... I don't really speak from personal experience, except for replacing a broken spoke with a used spoke off some other wheel, but I've always been told that reusing the rim is not a good idea. Honestly, just from what I've learned so far, that conclusion totally makes sense.

Happy headhunting/trickortreating/wheelbuilding.

p.s. you could borrow some of my spokes, too ;)

I've never had a problem rebuilding a wheel (reusing rim) as
long as I've checked for damage (cracking) where nipples
can pull through.

i agree, option 2. im going to do the same with a 700 rim with tubulars. got to save the campy record hubs!!! wheel building is a patience. ive only donw it once. and its was crazy.. theres a good book on how to do it, ill see if i can find the name of it.