The "dot" repairs are probably self-adhesive Dacron tape repairs. Holds up fine. Used all the time for patches where the spreaders contact the sail.
Cutting your hanks off and sewing on a luff tape will work to fly your existing jib. I did exactly that when I converted to RF. BUT, without the addition of a sacrificial UV strip to the leech and foot, (or a sleeve), the sail will be sunburned after a season or 2 if you store it on the furler in the sun. Essentially, the last foot or so of the leech and foot will turn yellow and become soft, lose strength, and be worthless.
Problem becomes the value of doing possibly hundreds of dollars of modifications to an old sail. Have a sailmaker look it over and give you his opinion. It may well be that the better value is a new sail. Of course, sacrificing your old sail for one season, and then getting a brandy-new one next year is another possible approach.
Paul Van Voorhees
Certified Tohatsu TLDI Technician
Mgr, Obersheimer Sails
Buffalo, NY USA