You should define the behaviour of your design, as currently implemented in 74 series logic. That will allow the behaviour to be reimplemented in a different technology.
Ordinarily I'd agree with you; writing the HDL in a way which describes the desired behaviour of the whole circuit is clearer, less prone to bugs, and easier to maintain.
However, in this case I'm not sure it's the best approach...
- this design is 'dead', as in, it's obsolete tech which is no longer being maintained or developed in any way. There's no expectation that the function of the logic will ever be changed - though it might be ported to a new programmable device in future. This means it's a good decision to recreate the logic in HDL that can be recompiled for any device, rather than rely on the schematic entry tool of one particular FPGA vendor, but the HDL itself is unlikely to have to change.
- the 74 series logic in the schematic is
definitively correct. The customer has already done the reverse engineering, created the circuit, built it, tested it, and confirmed that it works.
- therefore, the goal of implementing a redesign in a programmable device is to replicate that known-good circuit in a way which minimises risk, and maximises the ability of all parties involved to see that the HDL does indeed represent the known-good logic.
Bear in mind also that the the synthesis tool will reduce the HDL to a truth table. It really doesn't matter to the synthesizer how elegant - or not - the source code is. Its function is to determine what pattern of outputs should correspond to each pattern of inputs, and then to figure out how best to make the logic blocks in the CPLD deliver the desired result. The CPLD is built out of look-up tables and D-type latches, so that's what the HDL must be reduced to.
With all that in mind, if I were doing this job, I'd probably start by creating a separate (VHDL) process for each IC, each of which would only need to contain a few lines of code which describe the function of that particular device. For really simple circuits I might combine a few devices into a single process to avoid making the code excessively verbose. (Unless it's an academic example, nobody needs a whole process just for a logic gate).
I think the most difficult part would be the logistics of testing. If it doesn't "just work", is the HDL correct? The pin-out? Voltage thresholds? Static timing? An output glitch? Signal integrity? I can think of plenty of reasons why a relatively modern, high speed logic device might not just drop straight into a board designed 30 years ago - and none of them would be due to the logic itself being "wrong".