Please tell us what historical value the controls have?

When was the building built? 1950s?

I can't imagine Houstons historical society would mandate the controls of the elevator would be placed above the advancements in safety to the public using this elevator...

You posted you are the building manager in your profile. I imagine you make difficult decisions on a regular basis. This one should be an easy decision to make. Here is what I see are your choices;

1) Put good money into old, out date and worn out 60+ year old equipment.

2) Dig a little deeper into the pocket(s) of the building owner(s) and modernize your equipment. Help ensure the safety of the people who are using the elevator.

When you modernize your equipment you will get a warrenty. At the end of the warrenty period look into a service contract.

Best of luck...