I have a 50 year old house and 50 year old windows. This winter I
noticed that the original glazing had been chipping off and the only
thing holding some of the panes in place was paint so I resolved to
reglaze the windows this spring (no summer). Should I just replace
them? They are pretty air-tight and I did not feel much of a breeze
coming through them except for the coldest and windiest days of the
winter and a lot of that I attribute to the old glazing. Each window
has a storm window but the inside window does feel very cold to the
touch in the winter so I'm not sure how much they help. I'm trying to
weight the cost of replacing the windows with the savings that I will
realize for replacing as opposed to the savings I will get from
reglazing.

Here's a picture of the window

http://img98.imageshack.us/img98/4526/windowtl5.jpg

What would you do in this situation?