Just finished reading through the AD&D 1e Player's Handbook and am a good 1/3 of the way through the Dungeon Masters Guide. It had been years since I read them cover to cover. I truly love Gygax's writing style.
The kids and I sat down at the kitchen table and talked through the 1e Player's Handbook. I outlined the major differences between 1e and 5e. I thought the loss of all the different races, classes, and various restrictions would temper their excitement. However, they actually liked most of the rules and limitations of character development.
We are making characters and starting a 1e campaign this weekend. We will mostly play with rules as written.
Current House Rules:
The armor class adjustment table for weapons is out. I like the concept. It makes weapon choices more relevant but it's hard to explain, i.e. a crossbow has better odds of penetrating plate mail and doing damage than a short bow or thrown dagger. The bonus is versus an armor's base value, not an armor class, and does not really apply to a monster's natural armor. All it ends up doing is bogging down combat and requires a lot of adjudication to make work for little payoff.