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If you have access to the crawl space under the house, then I would do a fresh run.
Count your blessing friend. I have a mix of knob/tube + 60 years of someones drunk brother in law making 'updates' to my wiring. I've been here 5 years doing renovations, and come across stuff all the time that makes me say, "ARE YOU KIDDING?!?!?"
The electric heater that heats our tile floor in the master bathroom? It shares a ciruit....with the freaking garbage disposal in the kitchen! Sometimes I feel like tracking down the previous owners....and hurting them.
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