I'll start by saying those recommending replacement are generally correct. However, when I did my '51, the wiring was pretty good. So, while I replaced some of the worst, I was able to "re-condition" most of it. I used Armor-All which helped make the wire more supple and easier to work with. My main problem was fraying and damage on the ends where the bullet connectors fastened on. I corrected this with shrink wrap tubing and a heat gun. Now you have to understand that this was on a nice original car that had been well cared for and kept inside most of it's life and would have not have benefited by being completely torn apart. Since I don't know the background of your car and whether the extra 11 years of age are significant, I can't really recommend this approach. It worked for me in my particular situation.
It also helps if the wiring has never been worked on before, because it was usually by Bubba, and he wasn't as careful as he should have been.The main problem area on my car was the headlight crossover (which I replaced) and the attendant ends because it had obviously been worked on before. You can't just reach in there and yank the bullet connectors out. A variety of small straight and angled needle nose pliers are a great help in dis-assembly. Once you get one side out, you can use a small pin punch to knock the other out from the open side. It takes time and care.