Many boats that had wire-to-rope halyards (mine is one) used masthead sheaves that accommodated both wire and rope. The reason being, on my boat anyway, is that with the sails lowered the rope tails ended up across the sheaves. So, you might possibly avoid replacing the sheaves.
I replaced my halyards with VPC from New England Ropes and I am very satisfied, except that the old "propane whip"doesn't work with this type of core. A plastic rope that doesn't melt! Who knew? Also, my rigger told me, "Good luck splicing that stuff." At present my halyard shackles are tied on with buntline hitches. Another economical choice for replacement line is Sta-set X parallel core polyester.