Angela,
this very thing happened to me with a very good friend that i had when i was younger. she was my very bestest friend
we came back together years later, with all of the changes in our lives, etc. we did fine for a few months. we caught up on everything, laughed about old times, etc. it was almost like a whirlwind romance. however, i never trusted her completely and remained very guarded. after a few months, i'd decided that our new friendship did mean as much to me...due to the distrust and the fact that i lived in preparation for her next "wrong". another reason is, she was highly unpredictable! i couldn't stand the stress of her reckless life and ended the relationship.
i think had she matured we could've maintained the relationship. i hope that you can with your friend. her life will tell if she's truly grown, ya know? look for the answers to your questions in her "now" life. that's what i would do. good luck! we all need good friends.
be safe,
kimmydawn