HAHAHA I actually laughed out loud after reading this.
Lawrence, are you a new homeowner? Is this your first? I'll tell you that IMO, it doesn't matter how goddamn good your inspector is, doesn't matter how hard you look, when you move into a home from a previous owner (even sometimes if you're the FIRST owner of the house) you're almost always going to miss something, and some things just aren't going to be right. Be happy if there's no mold damage, termite damage, and the home has quality electrical, plumbing, HVAC and insulation. That's pretty much all you can ask for. If you got those things down, you're doing pretty good.
Low voltage outdoor lighting is pretty simple stuff, not a big deal AT ALL as far as I'm concerned. "Yah, I think we're gonna pass on the house, that low voltage outdoor lighting looks preeeeeetty sheisty...." said no one ever.
I'd prolly wanna tear all that old shit out and start from scratch anyway if it was me.