I was gift this bow.  Its left handed and the guy who had it was right handed so he gave it to me along with some arrows.  I've only shot recurve bows in the past.

What release should I get with this?  Any recommendations on an arm guard?

With that bow Id suggest a sweet mullet and possibly a Iroc with t-tops.

I've already got both of those.  And the Iroc has an 8 disk CD changer in the truck and a bare-foot gas pedal.

Then what’s your question?

Scott releases aren’t bad and will get you started. One that fully captures the loop is probably better for beginners.

I’m rocking a Stan these days. Like going from a milspec to larue trigger. Not quite Geiselle, but well worth the upgrade.

I don’t think armguards are necessary, at least with a compound. Compensation for seriously poor form. You can’t shoot with your arm locked out, which isn’t that difficult with a 80-90% letoff. Never shot traditional.

NEW STRINGS AND CABLES!! Don’t even pull it back till you do this.  Take it to a reputable archery shop and have them look it over .

If it’s worth keeping, then D loop, speciality archery podium peep with clarifier/ verifier depending on your eyes .
Decent arrow rest.
Modern fiber optic sight.
Trigger release.

This will probably be a “gateway” bow for you, after a couple 3D shoots you will probably upgrade to a more modern bow so all my recommended parts can transfer to a new bow ,which at that point you will hav a complete modern rig.

Just noticed the compass in the grip. That’s pretty cool!!

Oh I forgot to add…
A decent stabilizer.

Thanks.  Is the value of the bow worth that investment or would I be better off just getting a new bow if I want to get into it?  

You can find a more modern bow that may be cheaper than getting that bow working.  You can even get some of the more economical bows fully out fitted for $400.  You can find used bows on ebay and Archerytalk.com. Good luck

The value of the bow is almost nothing so better off getting a new bow.  Bows lose their value super fast.  While you could put new strings and cables on it and definitely hunt with it newer bows are much better in almost every way.  

I've got an old PSE mach 10 that I spent a fortune on in its day but it's worth virtually nothing today and performance wise it's way behind modern bows.  You just have to accept that you're buying something that will be almost worthless, monetarily, in a few years.  Kind of like buying a laptop.

Best bet is to buy a modern used bow that's lost much of its value or buy a brand new one.  Although, new bow prices are ridiculous for something that will be considered "old technology" in five years and have lost most of its value.  There are some very good bows to be had for less money if you do the research.  Personally I think bow companies have gone off their rockers asking so much for a bow but as long as they keep selling well it'll continue and go even higher.