I'm in the same situation with the surrounds on my 901-IV's. I'll probably replace the surrounds myself. At $30 x 18, I'll easily pay more for the repair than I did for the speakers 12 years ago. I hae a friend that had two pairs of Series IV's that had deterioated foam. He did the $350 exchange deal and was very pleased with it.
FWIW, you CAN use a graphinc equalizer instead of the Bose eq. This same friend loaned me one of the pairs years ago. He wanted to keep the Bose eq (he only had one) but had an old Soundcraftsmen graphic equalizer that he gave me to use. I plugged in both the qraphic eq and the Bose eq, bypassed the graphic, and adjusted the sound with the Bose eq. Then, I switched out the Bose and in the graphic eq and adjusted by switching back and forth 'til I got them to sound similar. It might not have been exact, but with the variations of the room (curtains open or closed), number of people in the room (bodies absorb lots of sound), etc, and the recording to recording variations, little of this is exact anyway.
As to using the 901's with HT, I used mine with a Sherwood receiver of some model (6050, I believe) that had main-in / pre-out loops. I used them for the front speakers. If I'd wanted to use them for the rear, I'd have just added an additional amp, as this receiver had outputs for all the channels. This was 11 years ago, but I still use the same receiver (without the 901's) for my HT.
Like many things, if one tries to use 901's for a purpose for which they are not intended, they probably won't sound decent. Use them properly (correctly set up room and eq installed), and they do sound good, but then some choose Mercedes over Lexus.
David