The good rule to remember about this is: if you cannot measure the suspected performance problem with the code, do not attempt to optimize it.
If you are optimizing before executing the code, chances are you are doing it prematurely. There is also a big chance that the optimization you are investing your time in is completely unnecessary.
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If the author of that code is long gone or cannot remember it, research that code and try to understand everything about it.
Only when you completely understand the code you get to form an opinion whether it is bad or good. Do not assume anything before that.
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