If you are ready to buy a new sub then No, it makes no sense to repair the old one unless you think you can sell it for more than $500.
The Velodyn is old Tech as are all the SVS and Rel subs. The very best designs use two drivers at opposite ends of the enclosure running in phase. Both cones move out at same time and in at the same time thus their Newtonian forces cancel helping to control resonance. These subs have much less distortion. This is called Balanced Force Design. KEF, Magico, and Martin Logan make balanced force subs. The best unit to replace your Velodyn is the Martin Logan Balance Force 212.