it's pretty much up to if I want to do it or not? It's not one of those things that -has- to be done?
You got it. If you are not comfortable getting on Reykur the first time, I can understand wanting to lunge him because it has been so long since he has been ridden and you have never ridden him. I, personally, would just lunge him long enough to find out if he is going to be calm under saddle or throw a fit and go from there. IMHO, the best place for a horse to learn is under a rider.