I have a 220v circuit for an electric stove. That circuit is idle, because I have -- and strongly prefer -- a gas stove. My plan is for the stove circuit to be re-routed to the HVAC. A interim measure. I'm gonna have to re-wire the whole house eventually, but I'd rather do it later than sooner.
My house is 1952 also.
The wires are cloth covered plastic. The cloth has almost turned to powder and the plastic is vary brittle. It is best not to move the old wires if you can.
Add a sub box on the side of the house and pull some new wire in. The box is cheep like $50.00 and you won’t have to mess with the old wires.