I don't have any clothes as old as yours though for sure, but line drying generally helps your clothes last longer. I'm so glad I live in Colorado. It's a warm winter, but it takes like 3 hours to dry stuff on the line (especially synthetics). Of course that means all my synthetic fibers are literally billowing into the air I guess. Still, we've been going without a dryer for about five years now and I've had no regrets.
I use my line in Texas, and 3 hours would see the clothes go from wet -> dry -> melted! And that's in the shade!
Unfortunately, the line dried clothes are not soft, so I end up fluffing them in the drier using the air dry setting. Still cheaper than running the heating element, but hasn't eliminated the drier for me.
I had a european friend introduce me to indoor drying racks, and since, anything I plan to keep long term, I hang dry as well. I've found my clothes last longer and look nicer. Only thing I've found doesn't work well are towels.
Or, if you are using a dryer, keep the heat low to moderate.
My strategy forever is to wash all my shirts, put them in the dryer on low for 5 minutes, then hang them all up in a doorway overnight. My clothes last much longer this way and never get wrinkled.