Correct me if I'm wrong, but I don't think the kit has ever gotten better with time.
Whether or not yours has the pre-painted copper bottom, you will want to redo it.
Most if not all would probably suggest that the vac formed sails are not usable.
The kit originally came with a set of really fine figures, but I understand that those disappeared from later boxings. Those are desirable.
I personally would put the effort into improving the kit guns. They can be made to be quite nice. They are black painted iron, so brass barrels would be incorrect.
As far as rigging, the most immediate issue is the assemblies of shrouds and ratlines. Nothing that Revell ever provided, either soft plastic coated thread or rigid castings, is usable. In other words, not a determining factor.
I can offer no advice on wood decks. An alternative beyond just using the kit parts alone is to plank over them with strip wood. It's tedious, so if you can settle on a precut deck, go for it.
My last piece of advice is to buy your rigging supplies in at least three stages.
Hull construction. You need anchor cable, messenger line and hatch lid lanyard. Also get a bag of wire eyebolts. The kit plastic ones are not very good.
Standing rigging. Three sizes of black. I suggest you not be tempted to replace the kit deadeyes and lanyards. Wrong time, wrong kit for now.
Running rigging. Three sizes of tan.
Lots and lots and lots of blocks (pulleys).
But don't buy it all now. You'll end up spending $ 100's in the end, and if for whatever reason you set the kit aside you will have to figure out what to do with it.
I suggest buying from Model Shipways, Bluejacket Ship Crafters and Syren.