Success!!!
After much mucking around, I have turned this old EV into a real contender!
With the new drivers (400W Faital 15 Pro and Alphalite 6" closed-back) and a new, homemade 840Hz. crossover detailed here:
http://www.talkbass.com/forum/f15/crossover-questions-793166/
the cab now weighs 60 Lbs. (from 93!), has a smoother transition across the x-over range, can handle double the power (400W from 200W) and... sounds really good!
The crossover build (designing, ordering parts, building, testing) took a couple weeks, as time allowed, and other work had to be done: fitting an adaptor to the baffle for the 6" driver, removing the attenuator (I'm running it without one for now... doesn't seem to need it), re-tuning the ports to about 45 Hz, tightening and damping a rattly old grill, fabricating a new jack plate w/ 2 speakon & 2 1/4".
In the end, I spent a few weeks of spare time and about $400 in parts. Since I got the cabinet cheap, I still came in at around $500 and I think this cab, as it sounds now, competes easily with anything in that price range.
The overall sound quality is not too different from the original sound. It still doesn't go super-low (although a slight boost at the amp or the bass gives enough grunt to support a 5-string, no problem) and it still sounds pretty smooth. The improvements are a better transition, slightly tighter bass and better detail, especially off-axis.
I would not say it sounds as modern as some other two-way cabs I've heard - it's not super 'hi-fi' by any means - but it sure sounds nice, and it's a bit of a wolf in sheep's clothing as it still looks like an old clunker from the 70s.
Thanks to everybody who chimed in and helped me with questions and ideas, and those who chimed in for the OP, who ended up keeping his stock - that information was invaluable to me, too.
It's going to play it's inaugural gig next Thursday at a Brooklyn dive bar and I expect it to pass with flying colors!
Peace & Loud-
E