Newbie question:

I've got a 10 year-old Cannondale bike, with rim brakes (not discs).  I think it's an F500, was around £700 at the time.  I'm replacing various bits of the drivetrain that have worn out (BB, nasty creaky Coda chainset, chain, rear derailleur).

I also notice that my rear wheel is pretty badly out of true, and (doh) I have sheared some of the spoke nipples trying to true it up quick n'dirty (i.e. still on the bike, not taking the tyre off).  I had previously trued it up properly a while back, but it's gone again.

Some of the rear spokes are mangled where the chain derailed off the low sprocket as well.  Not pretty.

 The rim and hub are "Coda" branded which I think is Cannondale's own.  The rim has a few nasty wobbles and a fair amount of braking surface wear.  I suspect they are probably made of full-fat cheese.

The bearings are cup and cone and are in OK-ish state. 

Question is -  Is it worth (a) re-spoking existing wheel (b) replacing rear wheel (perhaps reusing the 8 speed cassette which is in OK condition) with a rim-brake compatible rear.

I don't want to spend wads of cash on what will be an, at best, mediocre bike by today's standards...

If it's mostly original kit then you'll probably find that a new chain does not work with the old, worn cassette so it's likely you'll need one of those anyway.

From your description I'd go for a new wheel - the cost of parts & labour to try & repair what you have will be high even assuming the rim itself isn't beyond help. Don't know how your LBS fairs with wheel building but online places such as Merlin & CRC have good reputations.

THIS is probably similar to what you have as an example.