I'm (still) in the same quandary with my 1987 race bike. The frame is worth it, but it will be a LOT of work and money and energy that I just haven't found the energy for yet.

The biggest issue is the rear dropout spacing. If the frame is aluminum, you're stuck with whatever old parts you can find. If it's steel, you can find a shop with a frame alignment jig to spread the dropouts to accommodate a modern hub. You'll need to strip the frame down before you take it in. (May as well get it repainted while it's bare. )

Are you okay with the quill stem? If not, I think you may need to replace the headset too. That requires a press - someone else can say whether a jerry-rigged press made from a threaded rod and big washers would be adequate.