May not hurt to have a local shop look it over and put a new string on it, but I can't think of any reason you shouldn't use it, or know of any reason newer string materials can't be used.
Shop could help set it up for you to and/or check weight........and yes, you can use carbons if you want to.
2009 Martin Bengal M2 Pro Cam w/factory STS & CCS.....66lbs, 29" DL, 422gr @ 272fps, Winners Choice string/cable, Trophy Taker drop-away Rest, Scott Release
1996 Martin Firecat XRG Pro Series w/Ultra Sonic wheels.....69lbs, 29" DL, 465gr @ 245fps, w/fingers & Martin leather glove