I'm with Stinky Coyote,
Been doing this work for 25 years now.....there's no doubt drilling a new one is a great idea but having the $$ to drill, tie-in, new pump/pipe/wire/brass fittings etc will cost you. Drilling just might get you the same seam of water and now you are dealing with bacteria issues. I would lean towards spending the time to re-hab the old well......
Guess the questions I would have is:
-How old is the well
-What size and thickness is the surface casing & liner (if it's old stove pipe liner, walk away and drill a new one!)
200 CFM to 300 CFM compressor will do the trick with a 1" tag line into the well. Make sure you use 12% sodium hypochlorite not corner store bleach.
Like some others here, would be happy to chat to you directly if you need some direction.
FYI.....If you blow it.....make sure you're up wind lol
