Originally Posted by Retro Grouch
Not really. The most significant difference is the rear dropout spacing. A bike that old will have 126mm spacing, a modern drivetrain will require 130mm spacing. It's possible, however, to armstrong a steel frame's dropouts apart to force fit a modern rear wheel.
This "armstronging" is called cold-setting. Many bike shops can do this, so check with the best ones in your area. You can do it yourself, but you should make sure everything is aligned when you're done. It'll result in a much better ride experience.
Ken