I went through a similar process about 8-9 years ago with my B&K m200 Sonata mono blocks. I ended up having them upgraded, and still love them to this day. That said, I honestly can’t say whether I would do it again, but what I can say is it was a material improvement over the originals.
As for question 1: yes. You have old electrolytics that need to be replaced, and once MC upgrades the amps, they will repair them.
As for question 2: who knows? I tried to replace my amps over the years and never found one that was a winner. Those area all gone (Ayer, Conrad-Johnson, PS Audio, Musical Fidelity, Parasound), though I couldn’t bring myself to spring for anything that was a huge increase in budget, only newer, slightly more pricey stuff.
As for Musical Concepts’ work - it’s first rate. The amps sounded far better than the upgraded models. I know this because I had 6 of them at the time and could a-b them, just as I a-b’d them with replacement candidates.
So while it’s a big $ outlay, it’s going to depreciate quickly, just like a new amp. They will sound better for sure, but so will a new purchase.