I got a 1992/3 Trek 720 hybrid. Its got a 7 speed rear cassette. I have been overhauling it as it hasn't seen use in quite awhile. Got it working pretty good thanks to you guys here in the Mechanics subforum. To make a long story short, it looks like the rims only have limited life in them, and I want to start thinking about my options now. The wheel is a 700c (at least, I think it is), with original hubs and tires (700x35c). I am kinda new at working on bikes, but have really enjoyed myself so far. Try to bear with me if I screw up the bike wheel/tire sizing, its pretty confusing. I should also point out that this is mostly a commuting bike, with some pleasure rides on the weekends/evenings.

I have three options as I see it (please let let me know if there are more), and I want to figure it out now so that I can plan finances, parts, etc. I think I will stick with the same tire size, 700x35c seems to be sort of a happy medium, and works well so far.

Option 1: buy totally new wheels (easiest, but potentially more expensive).

Option 2: Buy new rims and spokes, reuse old hubs. The hubs look to be in pretty good shape, the bearings feel good, no wobble. Is lacing a tire something I could do? I watched a few videos online, and it looked doable but time consuming (which is fine). I have access to a truing stand. (probably cheapest option)

Option 3: Buy new rims, spokes, and hubs. (Might be a bit more expensive than option 2, but potentially cheaper than option 1, and I may get a better hub than i have now).

I'm currently leaning toward option 3, as with option 2 I'm worried that future problems could arise with the old hubs and then I'd have to relace the wheels again. If lacing is difficult to get right, then maybe it's best to go with option 1. Thanks in advance!