I wouldn’t hesitate and rewrite the stuff

Though it might feel more enjoyable, do you have a sound reason to believe you'll do a better job than the original author/s? Are you smarter? Do you have more time? Do you understand the business better? Have the business constraints changed?

Some cautionary advice on the perils of rewriting from scratch:

Netscape 6.0 is finally going into its first public beta. There never was a version 5.0. The last major release, version 4.0, was released almost three years ago. Three years is an awfully long time in the Internet world. During this time, Netscape sat by, helplessly, as their market share plummeted. It's a bit smarmy of me to criticize them for waiting so long between releases. They didn't do it on purpose, now, did they? Well, yes. They did. They did it by making the single worst strategic mistake that any software company can make: They decided to rewrite the code from scratch.

It's important to remember that when you start from scratch there is absolutely no reason to believe that you are going to do a better job than you did the first time. First of all, you probably don't even have the same programming team that worked on version one, so you don't actually have "more experience". You're just going to make most of the old mistakes again, and introduce some new problems that weren't in the original version.

-- Joel Spolsky on not Rewriting

Now the two teams are in a race. The tiger team must build a new system that does everything that the old system does. Not only that, they have to keep up with the changes that are continuously being made to the old system. Management will not replace the old system until the new system can do everything that the old system does. This race can go on for a very long time. I've seen it take 10 years. And by the time it's done, the original members of the tiger team are long gone, and the current members are demanding that the new system be redesigned because it's such a mess.

-- Robert C Martin in Clean Code (p.5)

More detail on this topic can be found at: Nobody Expects the Agile Imposition (Part VI): Architecture