Recapping the logic board is always a good option. As for the CD ROM Drive, they use those micro-solid state caps so re-capping it is not an option. The problem lies in the LASER of the drive lasting this long. There are places here and there online that sells new lasers but you need to know the exact make and model of laser being used.

Upgrading the LC040 to an RC040 is a good move too. As for the PPC601 upgrade card, that is on you. Some say good things, others bad, about such upgrade cards. I'm in the middle and say its on you. You can get the drivers from many sources on the net, and use AppleTalk with a printer cable between the Wallstreet and your 610 to transfer the file.