You'd be surprised at how much you can get done with old hardware.
First, to address your last question. You only need one max license to render on your farm, as long as you're only using max itself. Different renders have different licensing requirements; vray, for example, requires additional licensing past whatever number you have in your base license. I have the Workstation prime, so I have 1 user, 11 render nodes. Most plugins will render on an unlimited number of nodes for rendering.
As far as how powerful the machine has to be, the ability to run max is a requirement but not necessarily it's minimum requirements. You can get away with a lot depending on how you set up your scenes. They should be set up differently for farms, at least I think so. A render box isn't having to deal with viewport overhead, and so forth, so you don't need a video card of any substance if you're not doing GPU rendering.
My farm is made up of machines that are 5-10 years old, mostly government servers that were surplused. You have to balance the cost of the machine against the cost of power - older machine will provide less power per watt, though CPUs really haven't made a whole lot of advancement in the last 10 years, so that's less of an issue unless you're really tight. My servers range from X5690s to e5320s, with 32 to 8GB of ram each. For three years, I was in a location that had unlimited power as part of the rent, and I took advantage of that. I used (base on my estimate) $3500/mo (CAD) in power. Now that I'm back home, I am much more frugal as to when I turn on the farm. I have a total of 38 machines I can turn on as needed.
If you break down your scenes adequately, you can render on just about anything. I'm in the habit of splitting out my scenes into as many layers as I possibly can, as long as it doesn't take much time for setup; this reduces the ram overhead, and keeps frames down to 5-15 seconds, even on lesser machines. Generally, this gives me the flexibility to re-render very small slices, and have a fast fix time since clients can't make up their minds about some things. I'm a one person shop, so that's paramount to me. If your scenes are very heavy, in geometry, textures, and heavy f/x loads, slower computers will help less. Generally speaking, a rendered sequence for me might be made of of 20-50 layers, and my fastest render box will render 2.5x faster than the slowest. So when time is tight, all those ancient machines make a non-trivial difference.
Just remember having a lot of machines means you have to deal with the heat - my old server room never went below 25C, even though it was well below freezing outside, with a window open.
In any case, retiring machines from front line service makes total sense. I don't sell old mobos/cpus/ram, generally. Don't know for sure? Just turn on BB, and run a test, and you'll know.