Sell it. It is not worth $2K in upgrades.
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I would do this if I were in your place, before making any hasty decision about this amp. I would seek out an outside source someone competent who knows the amp or at least work's extensively on tube gear and let them give you an estimate on the work. Most of your cost is going to be labor and shipping, such a heavy amp. So if your can cut just the shipping out and ARs high labor cost you might find out it is more economical then you thought. And a grand for tubes sounds excessive I am sure someone on the Gon can steer you in the right direction with that.
If you can use the amp as is for a time.. I would skip the referb, and use the referb money to buy a newer ARC amp. Save the old amp once you get the new one.. (you may decide at a later date to :sell, fix locally, or have ARC do it)
After many years of being an audio challenged person (audio nut) I have discovered it is best to KEEP stuff you like, even if you cannot use it.. because later, you will WISH you had kept it!
A few years from now you may be glad you kept that lump in the closet, and are overjoyed to have it back. (after getting it fixed.)
Agreed with Liz and Cyclonicman. I have had several ARC gear modded by Steve Huntley at GNSC over the years to stunning sonic results. (Classic 120 mono's LS16MKI, PH3SE, REF2 MKI, REF Phono). His mods go much deeper that what ARC can ever provide.
Talk to Steve for advise. He is a wealth of knowledge on ARC and Wadia stuff.