Great Question.
OK, Yes you should replace cables if they look worn or frayed. Hardware if it looks rusty or loose. A set of washers will set the bolts into a firm setting.
Observe the fuel line for cracks or sundamage and check the engine mounts to make sure that there are not any cracks in the support beam.
Lining up the cables and support system is pretty easy because they only fit in one place, shorter ones are closer, longer ones to the outside, make sure that they are not CROSSED.

The videos on Youtube are pretty accurate. There are not a lot of Wizards flying now but you can do some minor upgrades and get it in great shape. Run the engine, on the ground for quite a while... many things will not become evident until the engine warms up. Rotex has some great engines now at very decent prices. Check the prop for any cracks, nicks, bends.
Ensure the wheels are firmly fastened and that anything that may look like it could be worn out, is thoroughly checked.
Good luck, Maybe you can post some photos when you are finished with your project.