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is it better/can you fit a modern press fit BB to an old Italian threaded frame and fit UT?
If you have UT cranks, you just screw UT cups into your old BB shell, they come in both BSC and Italian flavours. Whether it's better is another matter; the UT axle/bearing assembly is undoubtedly a thing of beauty and better than any square taper, but the current cranks are as ugly as anybody else's, so it depends on the aesthetic you're after.
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UltraTorque can fit a variety of frames, including threaded ones. You will need to purchase cups with either BSA ot ITA thread, depending on your frame. The bearings themselves are fitted on the cranks and the arm. When you buy second-hand UT it's quite common to find the bearings still fitted, so you just need to purchase the cups that are suitable for you.
Edit: too slow. The 5 bolts UT look good on anything. The latest iterations not so much.
You should open his mind up to the beauty of UT.