Even if you had the original design documents, it is very likely that the code that runs now has widely diverged from the design documents in the past 50 years.
In addition, being risk averse for this kind of code is likely a good thing. With a rewrite, the best you can hope for is to do what you are doing now without running into bugs. At worst, you have lost a lot of money and reputation and may become bankrupt. The risk/reward tends to favor "if it ain't broke, don't fix it."