If automotive experience is applicable it seems likely that the antifreeze may lose it's anti-corrosion properties and allow rust to flourish. After years of circulation it's pH has almost certainly changed but that doesn't mean it's out of an acceptable range. It might be easy to get some pH strips or a pH test kit and test but you'd need to know what it should be. Some google research might offer recommendations and it would probably be wise to call around to get other opinions and estimates before committing. $1200 seems like a lot for a job like that, but what do I know?

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