My Cascade pack, still in great nick, is from around that same era.
Macpac put on some new harness straps a couple of years back for me and it was a speedy and cheap service.
I personally think you'll be fine with the microlight.
I've taken Ronks point about wind and the single pole however and I think it would be wise to point the rear into the wind and use all the guy ropes if its more than just breezy.
My wild camping experiences riding from NSW to Perth suggest its easier to find a pitch for a small then rather than a large tent. Many is the night I was glad for having my bivybag and tarp as I reached my milage limit where, the only sleeping spots were in areas of tightly spaced scrub.
When visiting the Macpac shop in Perth, I thought hard about my choice of Minaret, and if I hadnt been buying the new bivybag as well, would have opted I think for the microlight. I'm still seriously looking at the Microlight as an option for shorter trips where I want the luxury of a tent but without the bulk of the heavier 2 man Minaret.
I recently put my old Minaret (17yr approx I think) on gumtree. As it wasnt green I'd only ever used it once, recently on a trip with Aushiker. I was amazed at the response for the old tent and that someone in Queensland wanted to buy it and pay the shipping. I had a hell of a lot of emails and calls with people keen on it.
I have yet to christen the new bivybag or Minaret tent yet but am hoping to put them to the test when my Ogre is complete.
Let us know how you get on with the Microlight and your impressions.
I've always been happy with my Macpac gear and with their service, so anticipate you being happy with yours. Any problems or issues talk to blacksheep (Cambell) on http://bushwalk.com/forum/index.php