What to do with my dad's old Revel Performa F50's?

You could look on ebay for replacement drivers or units that are for parts only to scavenge new drivers. The drivers should be really easy to replace.

Also, pro tip: Those speakers are filthy. Use a soft hair paint brush to clean them up before photographing again.

Alternatively, take the drivers out and sell the one's that are in good shape individually for others to use to repair.

R & R the surrounds yourself if you want maximum gain.

Or "fire sale" them to someone who will.

Seems like these would be a suitable replacement, do you guys think replacing the cracked rubber on the woofers with these would work? 

https://www.ebay.com/itm/305240776350?hash=item4711c49e9e:g:8hAAAOSwf9RlQYHp

Been there, done that.

If I can, you can.

If I can't, you probably could.

If the included instructions are unclear, "you tube" it.

I’m enjoying the speakers I repaired every day.

I'm having trouble finding a decent Revel repair youtube video. I just don't want to damage any of te housings or internal components taking them out. Got any guidance here?

OP:

The drivers are just screwed in, though there might be some glue or crusty old foam gasket involved, a hair dryer may help. The leads are probably clipped onto the driver, just remember which color wire goes where.

Avoid touching anything from the surround inwards. When the driver comes out rest it with the magnet down, facing upwards and avoid keeping anything metal within a foot of it just to be safe, especially tools, rulers, screws.

There are repair people who will repair the surrounds for you once you have the drivers out.

Erik, the "surround" is just the surrounding housing? Or what do you mean specifically?

Just updated the photos so the condition of the speakers can be seen more clearly. 

Just a note to correct in you listing. Those are F52’s not 50’s. That might help for anyone that may just want them for parts.

Good advice from several here. Did your dad try to modify the speakers in any way? It seems strange that there would be damage to the rubber surrounds which are usually pretty durable, and then there is the missing paint on the front of a couple of the baskets.

Hey there — so just clarify these ARE F50’s. Not the F52’s. I’ll attach a picture to the listing. 
 

He did not alter them in any way, he’s not technical at all. A local home theater business set them up and he didn’t touch them for 10 years at least. I think maybe the deterioration is because he lives by the ocean and had the windows open? Maybe that was it. I could imagine the salty air playing a factor in the deterioration. 

Very nice speakers! Here is my 2 cents worth. First I looked close at the photos on your ad and the surrounds to me do not look like they need replacing unless I am missing something.. Those cuts look like the screw drive slip when prying a speaker out if its nest, you only do that once!!!. Second, I buy and sell used speakers and one thing I have found is that they are cheap to buy and hard to sell. The market for a particular higher end brand is quite limited and the buyer is in fear of a "bad buy" due to defects and unseen alterations. Shipping of speakers that size is all but cost prohibited so your are dealing in most cases with your local market. One option find a dealer close to you that might sell them on consignment. Good luck with your sale.

Thanks mteetank. I may need to just reduce the price and cross my fingers someone will be interested in them locally. Cheers!