Are classic parts reliable enough for regular use?

Bullshit

The only problem is if the front hubs are laced radially and that adds stress to the flange, saying that I've got some 1st gen Sherrif stars that are radial front and haven't been trash. But I suppose I only roll around the smooth boards of Manchester, Newport, Berlin, Ghent, Dortmond...........

Here's a picture of a normally laced rear hub. It was one month old.

http://www.sheldonbrown.com/harris/record-track.html
I believe RPM can show you more evidence.

You might be interested to read 11.4's research here
http://www.bikeforums.net/showthread.php?144795-campy-sheriff-star-hubs
or Matchsprint's research here:
http://www.fixedgearfever.com/modules.php?name=Forums&file=viewtopic&printertopic=1&t=6126&start=0&postdays=0&postorder=asc&vote=viewresult&popup=1