The neutral has to bond at the first point of diconnect. I would do a service up grade and get rid of your old fuse box. It will add to the value of your home if you go from a 100 amp fuse box to a 200 amp breaker panel. In WI a service up grade runs any where from $1200-$2500. depending on what all needs to be done. I don't know how strong you housing market is but around here people are working some good deals. Have you had the house inspected? See if you can get the owner to pay for the up grade to bring the house up to code.