RMS 1.2 cannot launch Headquarters

I have just inherited a client that is running Headqaurters at a single location. They used to have 3 stores, but 2 were closed. Their previous "IT" guy deleted and uninstalled a lot of software from the
server, but will not admit to removing anything related to RMS and will not say what he deleted/uninstalled.
We are receiving an "Active X" error message (419, I believe) when we try to launch Headquarters. They don't have the headquarters CDs or the RMS CD, but I can get the RMS CD from another client.
I am thinking of approaching this in one of 2 ways:
A- Convert their Headquarters installation to stand-alone RMS with no Headquarters. I have no clue how to approach this, and since MS is no longer supporting RMS 1.2 I cannot get support from them until the client upgrades and pays for back-maintenance.
B- Pay the back-maintenance on all licenses and upgrade to the current version of RMS and HQ. The only issue with this is that we cannot run any reports to verify that all history was brought over intact when we perform the upgrade.
I would like to replace their current server, which is at least 5 years old, so I might look at backing up their RMS database, performing a new install on the new hardware, and restoring the database. This would rely on first performing Option A or Option B.
If anyone has any advice on which direction I should take and how I might receive more information about the process, I would be greatly appreciative.
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