Improve the codebase (make it small, cleaner, more easy to read, and fix issues of pastime) is NOT a wasted time. Not necessarily the BEST USE of time at a given moment, but dedicate some time to refresh the code with better tools, better syntax, better libraries, etc is a excellent way to move forward.
For a related sample, with obj-c I move to ARC ASAP, and plan to introduce the syntax literals as soon as possible. I certainly move the whole app codebase to python if exist a cheap way -and still 100% interface compatible to the coccoa-api - as like move js->coffescript for sure!
Is masochist persist in a old way just because is harder. Like when some refuse to upgrade the same language codebase to improve things (for example, I will move to LINQ, Lambdas, parallel code, async in C# as I move along) IF the change provide some advantage - reducing lines, better API, more performance, better clarity, etc -
I tough constant -but careful- refactoring of a live project is very healthy.
Is better doing it when the project is moving, that wait until a major event happend in the industry -like what happend to my competitors, still on .NET 1 / VB Classic- and suddenly, your move is damm hard, too costly, and you have no skills in the "new thing".
I certainly think something that replace or massively fix JS (including, a better JS) will be very usefull.
If is ok to move from inline styles to CSS, and from HTML to HTML5, then move from JS with issues related from years of hacking-along-design to anything else, like CS, is a good effort.