I just wrote an article in which I bounced a drum loop to VHS and back.
This is the resulting audio from the experiement:
Given the age of what you're most likely to pull out of a thrift store, I don't think it's really worth it unless you're going to go purhcase a used, but well maintained reel to reel. Or unless that is, you like the distortion and grittyness. Plugins may be the way to go on this one.