Welcome to the new and improved Proflex / K2 Tech Forum!
I'd stick with the ODS as the budget option, but upgrade it with the excellent COR spring option from Callum (RDS).Buying more elastomers is a waste of money as they don't perform that well and will age harden/melt.Changing the shock is the rich man's option to be considered if money is no object or you can really justify the potential performance improvement in your riding.Check the ODS is working OK, by dis-assembling it from the rear strut and frame, see this diagram:http://idriders.com/proflex/coppermine/albums/userpics/10284/97_spc657_strut.pdfRemove the ruined elastomers and clean up the shock, check the shock has compression and rebound damping by compressing the piston shaft and then drawing it back out again, it should have about 50mm 2" of stroke.Maybe put a bit of light oil on the shaft just to lubricate the shaft wiper seal to help it along.If it resists you in both directions and no sign of oil leaks, then it's a good 'un! It might be a bit stiff on first try as it's stood so long, but it should give with your body weight behind it!No need to do an oil change on it, especially if you ride in warm conditions, unless you specifically want less damping.Suck it and see!Again, this is a performance upgrade that you can play with at a later date, the seals are industry standard and seem to be available, see other threads) and Callum has an instruction sheet for doing this. But I've never felt the need to do this and my ODS shocks have lasted 11 years of use!Put an inner tube "boot" over the shock body and piston shaft inside the coil spring to keep the crap off of it and it should last years!Sorry, don't know anything about the fork.Good luck with your excellent "gift"keep us informed,Col.