If your players are on board, you should have a blast. I started my own 1e campaign about a year ago.
I'm definitely not a by-the-book DM, though. I put together a little system whereby players coud buy two "perks" on character creation (roughly comparable in power to feats). The main point was to balance single-class characters against multi-class characters better--but I also really wanted a human-dominated world and party, not the usual demi-human band. It cost one of your perks to be a demi-human (so you pay for all those special abilities at first level), but I don't enforce level limits on them.
If you're interested in deviating from the norm, I can send that to you.
Anyway, here are some lessons I've (re-)learned in the past year:
Assume the characters are competent adventurers, and have a wide if not deep skill set. In other words, try to say 'yes' when they want to try something not defined by the rules. If it sounds difficult, call for an appropriate ability score check.
I wanted to use weapons vs. armor first, but it came up so seldom that I've let it slide. AD&D initiative works pretty well if you don't worry too much about exactly how long a round is. It's really mostly for the first blow of a combat. The speed factor rule has come up a few times--it won't keep your fighters away from the mighty two-handed sword, but it will make them regret the choice occasionally.
The experience point system assumes that up to 3/4 of XP comes from mundane and magic treasure. Then all that money (at least at low levels) has to be spent on training to actually level up. There are better ways of keeping the PCs poor, and you get exactly the same effect without crashing the local economy by giving them a story XP award for goals accomplished. I still calculate monster XP so they get a nice (and noticable) bonus when they defeat opponents that by rights should have killed them.
Embrace the randomness, in a limited way. One of the things my players enjoy most is encountering wierd magic they don't understand (relics of an ancient empire and all that) and figuring out how to use it. Often the experimenter will end up with a permanent change...for better or for worse.
Cheers,
Ben