If you have some sentimental attachment to a particular locomotive, or it is heavily detailed, then it may be worth upgrading.
Example: For upgrading an Athearn Blue Box GP38-2, you can still go out and purchase a brand new Athearn RTR GP38-2, and switch shells. You can then sell the shell here or on ebay to recover some of the cost.
I have an ICG9632 (GP38-2) that I bought in 1989 or so. I bought a new RTR GP38-2, thinking it would be easier to DCC with the new drive and all. Well, I found out that the 1989-era frame and motor still worked fine, and with replacing some cracked gears, it runs well too.
The big thing, I think is the amperage issue. If you want to run on DCC and the existing motor draws too many amps, then you'll need to replace the motor. The older Athearn can motors were silver colored, while the newer ones are brass colored. The newer motors draw less amps than the older ones.
Unless the drive train is damaged or bent, you shouldn't have to replace it. I would think, though, of replacing the wheelsets eventually.
Pop off the shell, clean any gunked up lube. Clean the motor, clean the wheelsets, lube the moving parts that need it, hard wire it (even if you're keeping it DC).