Here is my opinion on what you should do if you are doing all the work yourself(which i do not reccomend)
-Change out the panel to most likely a 100amp service and when doing so do not go by the fuses when you are getting new breakers go by the size of the wires that you are pulling off of the old fuse panel. you want the right protection this time around.
-If possible when adding the old circuits to the new panel if they are not long enough/or knob and tub, box them on the studs or in a convienent place near the panel and run a piece of romex to the panel from that box obviously connecting them together color to color in the box, making sure not to neglect connecting the ground.
-if they are knob and tube strip a piece of romex sheath about 6 inches long and sleave it over each wire and individually bring them into the box with a connector and like above run a piece of romex from the box to the new panel. then once thats situated and everythings powered up back to the way it was. then run a new outlet to where the kitchen is or two if you feel like updating it the right way and add outlets, there you go you fixed the problem,
if you go with a contractor, just tell him to do a service change and to add an outlet for the microwave. if he comes back at you with oh well the inspector wants me to update this and that and this, he may be trying to soak you for every penny your worth, at that point call up the electrical inspector for your town and tell him/her what you are having done at your house, and if what the electrician said is really required. and you know where to go from there.