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Not sure what you mean by a power inserter
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The power inserter is part of the preamp system. It makes it possible to send the DC power up to the preamp AND send the signals down to the TV on the same coax line.
https://www.channelmaster.com/TV_Ant..._p/cm-7777.htm
manual
http://downloads.channelmaster.com/S...77_7778_UG.pdf
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I am running the original coax that was here from the 80's. Does that make a difference?
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Yes, it can make a big difference. Old coax can go bad from corrosion. It could be the reason why your neighbors are doing better than you are.
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As for the preamp and antenna suggestion, what can I expect from this combo compared to what I have?
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It might make it possible to receive WQPX, but it will never be 100%. Just an experiment, no guarantee.
Try the new coax first.