Those are LePree hubs.
VeloBase.com - Component: SunTour LePree
While there were better models available (Cyclone, Superbe), pretty much any of these hubs made by Sansin were very good quality. Are the Araya rims worn? If not, then that's actually a pretty good wheelset already, considering you would stay with 126mm, 7sp, and freewheel.