Hi kirtley2013.
I have delayed responding since I'm not much of an acoustic guitar expert. However, I will give you my opinion.
I believe that guitars that were built with flawed designs regardless of age are probably not worth the cost of restoring to a better design. If you want a more functional guitar, buy one. Do not put money into a guitar that is fundamentally flawed. You will not be happy with the result and you will never be able to recoup your restoration investment on a resell.
Just accept this guitar as a learning experience and buy a better guitar in the future. Learning isn't cheap, just ask any college student