It does need an upgrade, but its in pretty decent shape sans needing a new press box.
First thing I would do for Veterans is lobby to get at least USM to play a game there every year, then work with private companies to buy MSU and Ole Miss road games a la Nashville and Tennessee. To be completely honest, that place would be full for Ole Miss-Tulane or MSU-Memphis.
I'd tear down the coliseum and build a BancorpSouth Arena/Desoto Civic Center-type facility in Madison.