I think there are a number of issues here that depend largely on where you are at.
Is the software working well from a customer perspective? (If yes be very careful about changes). I would think there would be little point re-witting unless you were expanding the feature set if the system was working. And are you planning to expand the features and customer base of the software? If so then you have much more reason to change.
As much as anything just trying to understand some else's code even if well written can be difficult, when badly written I would imagine almost impossible. What you describe sounds like something that would be very difficult to expand.
