I have an old South Bend "Hollow Glass", 8.5' rod, that I really enjoying playing with, on small streams. It's in pristine condition, still, and has the label on the blank for "Use with H or H/D Lines", placing this rod, obviously, well before our newer line designations came into play.
As for "Old-Versus-New", I think that's entirely up to each person's likes and dislikes!?! I also have some old Orvis reels, made when Hardy was turning them out for them and several L.L.Bean reels, still with their receipts, when I bought them at sales, dated to the late 40s, and one at the early 50s.
These reels, except for one, old, Orvis I have, aren't made nearly as well, as today's machined reels and I've found them far less reliable......... when I've needed them to be!
I, think, "Old and New", is based strictly on each piece. I've fished with some fiberglass rods, that can run circles around my graphites, and vice-a-versa. Since I'm of the school, that "a good reel "IS" very important" and "they just don't hold line", the older reels, (with very few exceptions), just aren't comparable to today's reels, period. But, again, that depends solely on whether you're talking about a Bogden, or a Fenwick.