Condo Sump System

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Renovating a circa 1977 condo; the bottom converted to living space.
Today we discovered a sump system; it collects water from a kitchenette, bathroom sink and washing machine. That water goes into what looks like an 8-gallon sump tank that has two electrical cords. One is power to the sump pump that is switched by the bilge level (switch). It all seems to be functional.
Anyway, the sump barrel that captures water seems decades old and is made of galvanized steel. Much of the top has lost some galvanic protection and is corroding. The tank is sitting in a hole in the ground and is mostly filled with water outside of the tank - probably just accumulated ground water (about 6-8 feet below ground level).
Question - should I dig the old steel sump tank up and install a new plastic version? Part of my fear is that it’s leaking, or will leak based on the rust.
 
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