Hi Jane, I don't have any experience of the Phoenix Phunnel in use although I did buy one back around 1990 but returned it as I thought it was too big, I'm pretty certain that the Phunnel was a 3 person tent, the 2 person version was the Phalcon.
I currently use a Phoenix Phreeranger, mine is a pre 89 model and still going strong. As I say I don't have experience of the Phunnel but as I'm using a tent from the same manufacturer of roughly the same vintage there are a few things you need to consider.
Repairs to Fly/Seams - I imagine your tent has taped seams, Phoenix started taping seams in 1989 which is how I know mine is pre 1989, (I also have a post 89 Phreeranger but the seam tape is coming off) If the seam tape is coming off yours it'll quite likely take the waterproof coating off the flysheet to, the chances of having it repaired aren't good to be honest, I asked Scottish Mountain Gear about making a new flysheet but they said it wasn't financially viable for them or me. You could try re-taping it yourself but if the fly is no longer waterproof it might be a waste of both time and money. I addition depending on the amount of use the tent has had the flysheet may be weakened due to UV degradation which brings us on to,
Performance in Extreme conditions - Phoenix tents were pretty storm proof but as the structural integrity of the tent relies on the strength of the flysheet it's anyones guess how it would hold up now due to the problems mentioned above. If the flysheet was in good condition (if it doesn't look dry and the coating isn't peeling or flakey it may be ok, you can try twisting the fabric to see if it'll tear) it may be fine. If the poles look corroded you should be able to get a new set made by Hampton Works (they made the original poles, I had a new pole set made for my Phreeranger) In the end though it's a 20 year old tent.
Members experiences using this tent for long distance walking - No experience but it's a 3 man tent and likely to be heavy, I'm guessing but it's likely to be around 4kg maybe more. How many people are going to be using it and where?
To be perfectly honest (although I wouldn't consider swapping my Phreeranger for any solo tent currently available) you're likely to be better off getting something newer and lighter, of course I don't know the condition of your tent, where you intend using it or how many people it needs to sleep.
Sorry I can't be more help.