Besides games, tactics are always a good way to spend your time if you are so inclined. I'd expect even more so for someone who is a bit rusty.
Help getting back into the game

I haven't shilled for this site in hours, at least, so here goes. Bump to Diamond membership and hit the Chess Mentor, hard. Don't be seduced by the promise of computerized learning being easier than books though. It's more efficent by far (which is why most of my books are gathering dust), but the courses still need to be reviewed, sometimes many times for them to stick. The prevailing wisdom is that studying tactics is the single quickest way to improve and Chess Mentor has wonderful courses to really learn all the tactical motifs.
When you get a little tired of studying, kick back and watch one of IM Danny Rensch's "LIve Session videos". Edutainment at its' very best. Try the tactics trainer for fun but don't get obsessed with it; unless you're already very good it will probably teach you bad habits because of the clock. Unrated, no clock, is fine of course. Hope that helps and yes, the $100 a year on diamond is probably the best money I spend all year.

I've come back after ~20 years ... sounds like you were more advanced than I was, but what I found I needed to do was play. Only after the rust was blown off was it worth working out what I need to study; it didn't make much sense (to me) to be studying anything when I was blundering almost every game!
Your milage may vary, but I'd just play until my rating settled, then ask again, whether in a few weeks or a few months (I mostly play online rather than live, although I'm starting now to play live too).
Then depending upon what rating you settle around, people might have different recommendations for you.

Thanks to all for the good advice. I'm not sure if I'll upgrade to Diamond just yet - need more time on here before I shell out more cash. It does seem like playing games is the best first step. Boy does it suck to not remember all of the openings and things after all these years...

I would agree with ollave. Just start playing right now. The rust will come off, and, when it does, you will probably have a better idea of which course of action to take to improve.

playing games and tactics trainer will definitley work.
Try and get involved in team matches and tournaments, and play some live as well

I am actually just getting back into things myself and my rating is low right now in due to playing some 1 minute games after a long while from being away from things.
It is actually pretty neat you have created this thread as one of my blogs will be talking about exactly this. I am very big on kids learning to play so that is great you are wanting to teach your children. I have given a few cheap chess boards I have picked up over the years to kids I have meet out in public while playing.
You should look for my blog it might give some good insight on what worked for me as well as it still working for me and I know many Masters here would agree with it.
Hope to see you in the community but always remember have fun while doing this.
Hi everyone! I used to play competitively but haven't played at all for a while now...I'm looking to pick it all back up to (a) compete again and (b) teach my kids in a few years.
I was wondering if you all have any recommendations for how to pick the game up? Any books, videos, game types to play that would help me learn the game again faster than simply playing hundreds of games and learning by trial and error?
Appreciate any help that can be given, and my apologies if, like a noob, I post this in the wrong section...