On my 1989 Corolla I recently put a new compressor on. But Black Death had already done it's dirty work and sent crap throught the whole a/c sustem.
Since yours has not blown up. yet. I would say grab a new compressor w/clutch and a filter/drier. Grab new R134a Ports to place over your R12. Do the R12 to R134a conversion. Some people will say stick with R12. But at $40 per LB. R12 is way to expensive for me. My R13a cools just as well as the old R12.
I bought a new compressor w/clutch on eBay for $90.00 including shipping. The filter/drier was $20.00. I then bought some Ester Oil and a few cans of R134a at $8.00 each. Only problem you might have is finding a vacuum pump. Oh yeah,, you wil need a nice set of gauges. you wil need to refill it using high and low side gauges. Someplace between $50 and $100 for those. (I found one that does both High/Low sides and was only $20 , but don't say that in that forum or those anal retentive A/C forums will freak out demanding you buy a real expensive set).
Again, you can chat about that at the A/C forum.
http://www.acsource.net/acforum/
I used an air powered vacuum pump that connected to my compressor. But if you bring that up in the A/C forums they RIOT and freak out. So buy a vacuum pump if you wish.
I have a few more tips... but maybe you can have a professional shop do it for you and save yourself the work and hassle.