I don't have any clothes as old as yours though for sure, but line drying generally helps your clothes last longer. I'm so glad I live in Colorado. It's a warm winter, but it takes like 3 hours to dry stuff on the line (especially synthetics). Of course that means all my synthetic fibers are literally billowing into the air I guess. Still, we've been going without a dryer for about five years now and I've had no regrets.
My strategy forever is to wash all my shirts, put them in the dryer on low for 5 minutes, then hang them all up in a doorway overnight. My clothes last much longer this way and never get wrinkled.
Indoor air during wintertime tends to be low humidity in many places, with most residences running humidifiers to reach a comfortable (~35% RH) level. Clothes-drying will both benefit from the first and assist in the latter.
(California is a notable exception.)
In places which are humid during winter-time, cracking a few windows open will allow for equalisation with the outside, again keeping indoor humidity reasonable.
I had a european friend introduce me to indoor drying racks, and since, anything I plan to keep long term, I hang dry as well. I've found my clothes last longer and look nicer. Only thing I've found doesn't work well are towels.
I got a Foxydry (Italy) wall-mounted rack a few years back, best €100 I spent that year.
Bottom rack folds up flush to the wall, top rack raises nearly to the ceiling. Towels dry fine spread over extra bar or three to allow for better air circulation.
I use my line in Texas, and 3 hours would see the clothes go from wet -> dry -> melted! And that's in the shade!
Unfortunately, the line dried clothes are not soft, so I end up fluffing them in the drier using the air dry setting. Still cheaper than running the heating element, but hasn't eliminated the drier for me.
