Are classic parts reliable enough for regular use?

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

It's laced the wrong way, the pulling spoke should be on the outside. That creates a stronger/stiffer wheel.

Show me a Sheriff Star road hub that's failed, it may be down to the reverse torque that is caused when skidding/kicking back.