replacing knob and tube-partially

My basement has several pull-cord incandescent lamps on a single knob and tube circuit. The circuit also feeds one or more outlets in the room above. I would like to replace the lamps with flourescents and switch them to a single two-way switch located by the basement entrance. also, the splices in the knob and tube were done poorly-they just scraped off the insulation, tied up the wires and covered them in tape. so it seems to me that instead of trying to correct the splicing problems it may make sense for me to replace the circuit in the basement with romex and splice it properly with junction boxes, etc. is it OK to replace the wiring (runs through exposed floor joists) where visible as it runs in from an wall above and out of a wall above with romex and leave the innaccessible portions knob and tube? I would also like to add on an exterior light fixture with exterior conduit to this circuit.

Thanks,

Joe

 

although physically it could be done the more splices you have the more chance you have of problems occurring. If the wires are bad it might be an idea to look over the area and see if there is any way to run new wires throughout the area. You may find with a little thought it might be done and done correctly with minimum damage to drywall.

 

the circuit goes into lath and plaster interior walls and then presumably, into the lath and plaster cieiling, so doing the whole thing seems difficult.