I've an old set of cup & cone bearing wheels in good condition other than that the bearings got worn to the point that tightening the cups sufficiently to remove any play stopped the bearings from actually turning. So I retired them and they're now gathering dust and are of course in the OH's way.
So, in the opinion of 'the massive': Are the cups likely to be past it or might a new set of ball bearings save them from the bin (or from being turned into a clock or whatever it is you do with perfectly good rims and spokes when the hub's shot!? Suggestions for this would be good if there's no hope for the hubs...)
Thanks,
Chris.
take them apart.
if the cups are just a dull grey with no pitting they'll be fine with new bearings.
if the 'loose' cones are shot then a replacement hub is often the best way to get an axle+new freehub for the back.
if the worst comes to the worst you can keep the spokes and rim and get new hubs built into them if you pick hubs with the same flange diameter and centres (easiest to pick the same make/model but not essential).