I have a fair amount of experience with offline partial discharge (PD) testing Vulkene. An offline PD test is the most effect test at determining future performance of field aged cable, per IEEE 400. It would be ideal for you to perform an offline PD test on your cable first so you can make good decision about the future performance. The problem with most Vulkene cables from a diagnostic stand point is that water corrodes the copper tape shields. This makes it impossible to repeat the ‘factory PD test’ to which IEEE 400 refers. The corroded shields will not allow for the PD pulses coming from the defect under stress to travel on the cable. You could have someone come out and test your cable but, if they do a good job and calibrate the test they will more than likely find that the cable will not allow for better than 1000pC sensitivity. A factory test has 5pC sensitivity.
So you are caught in a dilemma. You can not test the cable to see if it is reliable and the information you have is that the cable is 30+ years old and, for the most part, the industry does not use this type of insulation any more (for good reason). From what I have seen of 30+ year old Vulkene I would replace it. At best it is a ticking time bomb with questionable reliability.
When you go to replace the cable I recommend not replacing it with a tape shield!!! Most tape shields will eventually corrode (in about 10years) and you will be left with cable that can not be test with modern diagnostics including, arc-reflection fault location, TDR (radar), or PD testing.
I recommend you place the cable with a concentric or flat strap type shield. If you decide to use a concentric shield go with 1/3neutral or larger. Perform an offline PD test before energizing the circuit and then retest in 10 years. You will have the most reliable system.
-cheers