Thank you all so much for the responses!! The guitar sat in its case for probably 20 years with thick strings so you are probably 100% correct on what happened. I have Elixir light gauge acoustic strings on it now. Honestly I have no issue with putting a modern truss rod in it if that can be done. I doubt the guitar is worth anything "original" and now it is more sentimental value than anything. I'll update you on what ends up happening. Again I really appreciate your input!
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Acoustic Guitars: 
Taylor, Martin, Alvarez, Kay, Gibson
Electric Guitars:
Gibson, Fender, ESP, Schecter, Jackson, PRS
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