Yeah, take it off and install some nice shag carpet; that would look cool. And don't forget to pick up some fuzzy dice to hang from the doorway or maybe some strands of beads to hang. Pick up a nice used 8 track player, a copy of Sammy Johns' "Chevy Van", and you're ready to go!
Just kidding... But I would do what Willy has suggested. Put some newer stuff up there. I don't know why they used the stuff that they did... it tends to hold water and mildew... Gelcoat would have made much more sense...