You should absolutely freshen it up. Follow the anywii guide in my signature. It's way easier now than it was. You can use the HBC Already Installed option. Follow the whole thing. soup to nuts. skip nothing.
FYI, WBFS as a format is now mostly obsolete, but still works. Fat32 is my choice (because its compatible with HBC), others use NTFS. In any case, anything you want to add in terms of new hardware would be fine.