It seems that belts would cost little enough to justify their replacement. Any rubber product deteriorates when left unused for a long period of time. As a matter of fact, I would replace all the ruber parts on the machine while it is down.
Get the lubrication issue taken care of ASAP. Ballscrews require lubrication and you'l ruin it if it is run dry very long. An expensive little mistake!
I am no expert though, just my humble two cents.
How about some details and pictures?
Halfnutz
(Note: The opinions expressed in this post are my own and are not necessarily those of CNCzone and its management)