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Well, there's no general recipe here and "low quality" can mean anything. There's certainly some things you can do, though. As a start, you should make it a point to apply a general "technical" color correction to rectify washed out colors or the usual red-shift of NTSC tapes (assuming you're from the US). This can easily be done using Color Balance, Levels and other effects.
Furthermore you can reduce some noise using the Grain tools found in AE. Simple blemishes like line streaking can be removed or at least made less prominent by applying CC simple Wire Removal and similar effects. If you're feeling adventurous, you may try a slight Unsharp Mask, but be careful, it has a tendency to cause posterization if used too agressively.
Beyond that I wouldn't go fancy. Unless you plan to shelve out a lot of money for film restauration tools or spend weeks repairing damaged areas using paint tools, you should attempt to use the footage creatively and work with what you have while not entirely destroying the autheticity.
A good place to start is e.g. using multiple duplicates of the same footage and mix them using blend modes. Overlay for instance will intensify colors, Multiply will increase edge contrast. Play with the transparencies until it looks right. On the other end, try to work with Vignette or frame overlays to draw the viewers attention to important areas while hiding damaged regions. Also considerplacing the footage as a scaled down and cropped version against a new backgroundor placing different snippets side by side. Once more simply a mtter of playing with the viewers attention to distract from imperfections.
Thanks for the help, Mylenium.