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I would say it depends on one thing, do you have the time and resources to turn it into a successful business, or would you rather do the short term cash in by selling it?
If you have the time to put into making, promoting and maintaining a pay site, then go for it. But its a long and bumpy road before you'll make it successful on your own.
If you have these videos and just want to make some money off of them, you could either sell them exclusively to one large company who might be interested in this niche or you could sell them non-exclusively to anyone and everyone who wants to buy them. Or a mix of both.
But the one thing that jumped out at me, is how did you get them? If they were amateur home made movies in the 1920's-1960's, do they have model releases? I am no expert and have no idea what the legalities of movies that old would be, but it would be something to look into before going any further.
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