Yeah, ok, so you say yourself that the dialogues are dated - would it be a good idea to rewrite and re-dub them? Today, it wouldn't be that much of a problem to even lip sync the actors' mouths to the new dialog and it would make the film more modern and therefore "better," right?
The movie as a whole is a product of its time - and if one wanted a more modern version of the same story, well, that's what remakes are for.