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@burntangerine
There are select bits you could, and i emphasise could swap with more moder ones without spoiling the integrity of the build. Things like modern hubs, BB, Chainrings etc. I depends if you want a really pure old school bike or something that looks old but is a bit more durable.
In terms of spped, I ride an alu Trek with ultegra stuff and when I first took it on (a mainly geared) ride back at home in Cambridge, a number of guys ride 70s/80s/90s steel bikes, a couple of then works of art, every week and I remeber one saying to me "wow you must really feel the difference on that" and I said well yes but not as much as you would think. This was when my fixed was a nice old double butted 531 track frame. Now im riding a much heavier frame and the transition is now huge between the fixed and the road bike.
From what I have heard from people who have run them (an my own 531 geared bike) is that the main problems are old bits not being so durable and the lack of indexed gears. Other than that if its all in good condition I think chris667 is right
and tbh to get something nicer than what you are making I reckon you would have to spend a grand on a new bike