Sounds like the circuits are overloaded. In most places you are not required to update wiring when a panel is replaced. I would proceed with the panel replacement.
If money and time permits also update the K&T but there is no reason it can't be left for later project. You may find issues when those circuits are put back on 15 amp fuses however.
If money and time permits also update the K&T but there is no reason it can't be left for later project. You may find issues when those circuits are put back on 15 amp fuses however.