Some advice based on just doing this a few of months ago:
If you do need to pull it - have a friends available to help. If the pipe has water in it - it will be extremely heavy. You will probably need to build a simple rig with 2x4s and a pulley to lift it out (BTW - hanging a pulley off a tractor bucket would be a simple replacement for the 2x4 rigging - wish I thought of this earlier). Even without water, the outside of the pipe will be muddy, slippery, and difficult to grip. Once you start pulling - you can't stop or it will go back in the well. With a friend - you can take turns pulling/resting (not doing this was a mistake I regretted the next day).
If you do need to pull it - replace everything (pump, electrical wire, check valves, pull rope, black pipe, torque arrestors, etc.) as it is not worth doing again. A pro will charge anywhere from $1800 to $2500 just to replace the pump (quotes that I got for a well a little deeper than yours) and doing it yourself will cost about $600 if you replace everything in the well (the brass check valves were about $20 a piece). BTW - Put a brass check valve at both ends (at the pump and at the top of the pipe run). Don't depend on the plastic check valve built into the pump to last.
Make sure you heat shrink your electrical connections (Lowes sells the kit) and loosely tape the electrical wire to the black pipe (otherwise it will scrape against the side of the well casing and eventually short out). BTW - you can't use just any electrical wire - plumbing supply shops sell a special yellow wire that is designed especially for use with submersible pumps. Lowes sometimes has it too.
Plenty of sites to show you how to do all this (just can't find any of them in my bookmarks - try google). Good luck - hope things work out for you.
Joe
I just reread the above and am a bit confused about which well you are talking about. Did the installer use a 15-20 year old pump in a new well? Does not make sense why an installer would do this as the pump is only 5 - 10 percent the cost of drilling the well (and not a good way to earn a happy customer). Did he also reuse the black pipe and check valves from the other well? Impeller failure or small break in pipe (i.e. leak under pressure) are the two most likely problems. Wish you well.