I would throw the line away.I would not trust line that old unless It is a real heavy test.

I do not fish trebles so no help there.

Rusty hooks again I would toss them.The rust us going to weeken,dull and create more drag on penitration.

The netting you got is used to wrap loose eggs or other baits up.You need to find some crazy string at alocal tacle shop.It is elastic thread that is usualy red in color.You cut the netting into squares and put the eggs or baits in the center.Then pull up the corners and wrap with the crazy string.The nice thing about the crazy string is that you do not have to tie a knot,just wrap and trim.Then trim the excess netting of the top and you should have a little bait ball.I use them sometimes during summer fishing only I use 3or4 pautzkys.I like the netting because it takes awhile for the trout and smolt to chew them up,giving the bigger fish a chance.Bob has a bait described on this site called tuna balls,I think it is in the fishing hints and he may use the netting you have I am not sure?check it out