If you really want to rebuild the wheels, you'll want to measure and make sure you can find a rim that has the exact same ERD as on the original worn out rims. Different ERD means new spokes, which means between $.75 and $1.00 per spoke for each wheel. That will quickly push you outside any benefit of doing the rebuild. It could, in fact, double the price of rebuilding.

I agree with the above advice. Clean and make sure everything is NICELY FUNCTIONAL, and only rebuild the wheels if you can do it with affordable rims and re-used spokes. Otherwise, make sure it's clean and running right, and send it off.

-Jeremy