Yes, a new controller would probably be called for; there's been a lot of progress in driver development over the last 20 years or so. What size are your motors? How much inductance do they have? Those things determine the amount of power they need, which determines the choice of drivers, since you need drivers that will tolerate that much power. If your machine uses NEMA 23 steppers with moderate inductance, then the G-540 from Geckodrives would likely be a good choice: it has 4 drivers built in and an integral breakout board that will handle your inputs and outputs. If it has larger steppers that need more than 50v DC supplied, then you'd be better off with individual drivers and a 3rd-party breakout board. What does the current power supply put out? You may be able to reuse it if it matches the motors well.