Could you explain further about why the confinement ties don't meet modern codes? Is it spacing? Or is it tie bar size? Or is it both?
Code confinement ties for columns tend to be a rather arbitrary conservative choice. ACI 318 notes that "Limited tests on full-size, axially-loaded, tied columns containing full-length bars (without splices) showed no
appreciable difference between ultimate strengths of columns with full tie requirements and no ties at all". See reference below.
J.E. Pfister, "Influence of Ties on the Behavior of Reinforced Concrete Columns" ACI Journal, V. 61, No. 5, May 1964, pp. 521-537.
I would consider whether the column was part of the gravity load-resisting system or part of a lateral load-resisting system. If it was for earthquakes, then I'd definitely wrap it. Also, consider the capacity ratios for the column to determine how heavily loaded it is.
Then the non-structual part: (1) if the column ties need to be brought up to modern Code what about other beams and slabs, typically newer Codes added detailing requirements for structural integrity to improve the redundacy and ductility in structures that older, existing structures usually won't meet, (2)what is your responsibility to meet the modern Codes, and your duty to the client, and finally (3) what is your liability.