Isn't there a big issue with the masthead sheaves condition? If they are going to be reused for rope halyards, they should be thoroughly checked for smoothness, because if there's any roughness, it would chew up the new halyards.
Nowadays, "modern polyester" isn't modern at all. Higher performance (lower stretch) would be obtained from Dyneema, Spectra, or Vectran cored ropes. I would talk to a good rigger about the relative benefits of rope material and construction.