Hi David, and welcome to the forum!
If you’re looking to reproduce absolutely everything, including the old skool workflow (and the associated grief when something isn’t working correctly), then yes, you could spend a lot of money on old kit – it would be endless fun – but to me, it’s a bit like when people yearn after vinyl, having either never experienced, or completely forgotten the utter frustration of of scratches, skipping, mains hum and turntable rumble.
In my experience, once you get old tracks into Cubase, you’ll probably find it’s impossible to not improve on them, given the facilities you now have. That will mean things sound different, and maybe not have the same vibe as the original … your mileage may vary. It will also depend on what gear was used originally, for example, stock DX7 sounds are now readily recreated in software.
A hybrid approach is also possible, for example, use an external synth to send arpeggios via MIDI to Cubase, but feed that into a VST instrument that sounds very close to a much better synth that would have been simply unaffordable at the time. You could also build custom racks of modular synth hardware, twiddle knobs and record the audio into Cubase for mixing and mastering.
To get back to your original question, yes, I at one stage played out my Pro24A tracks and captured them via MIDI into Cubase – but although I never felt the need to recreate them then from scratch in the new environment, I did add audio tracks subsequently.
Do let us know what original hardware you would like to recreate the sound of … there are many very, very good software versions out the now, many of the free or at least inexpensive.