Bicycle Mechanics - Modern components compatible with older bike?

I have a 1973 Schwinn World Traveler 10-speed. I was wondering if modern components were compatible with this bike. If they are, then I would like to gradually upgrade all the componentry, and eventually get a new frame - phase out the old bike as I build a brand new one.

Modern rear wheels will not fit unless you have a shop spread and set the rear triangle. I also doubt that you have a derailleur hanger to mount a modern rear derailleur on. From a convenience standpoint, as well as financially, it would probably make more sense to get a whole new bike.

Thanks - I don't really have the money for a new bike, but I thought it would be a fun project to buy new components when money was available for them. I guess I'll just keep pedalling away on this beast until I can afford something nicer.

From a convenience standpoint, as well as financially, it would probably make more sense to get a whole new bike.

I think it depends on how much work you want to put into it and whether or not you really want to put $500 dura ace componants on it, or just upgrade it to better components. I built an entire bike from an old cruiser frame that was built for a single speed coaster rear hub. All it took was using either a derailer adapter or finding a older model derailer that has it's own hanger, and spreading the rear triangle a bit as I dropped the wheel in place. I admit it's not the best bike in the world, but it's serving me fine as my daily rider. I've running it a six speed freewheel with a late 90's older shimano derailer and shifter. No problems, except for the fact that the shifter is a 5-speed so it's a little sloppy right now. hehehe

I'm in the middle of swapping out the old cottered cranks with a used shimano Acera crank set I picked up for $3.

Where are you at? I got the whole shebang at my local bike recycle project for $30. Check around, you may have something similar. No reason to just let the older bikes fall apart.

Modern rear wheels will not fit unless you have a shop spread and set the rear triangle. I also doubt that you have a derailleur hanger to mount a modern rear derailleur on. From a convenience standpoint, as well as financially, it would probably make more sense to get a whole new bike.

I put a new SRAM rear derailer on a late 70's 6 speed rear. The derailer hanger was a separate claw type and was fully compatible with the new derailer. In fact, the hanger appears to be exactly like those found on the derailers installed on cheap (xmart) type of bikes. The derailer works perfectly with old style friction shifters. The only glitch was the derailer did not have cable adjuster (SRAM expects the adjuster on the sifter) and friction shifters do not have one so you have to adjust the cable length at the derailer clamp.

I also found that the new derailer seems to require more cable pull than the old one so there is a very narrow range of cable length that provides for full range of shifting.

I was thinking of doing this very thing to my newly aquired Le Tour. My problem is that I'm cool with the wheels and even D tube shifting and the parts are in decent condition but I just don't like how it shifts(rear), with the chain slipping even with no pressure on the pedals during the shift(its just fine once its done shifting). I'm partial to my late '90s XT rapid fire MTB but I would settle for the old down tube indexed friction levers.
Is it true that the cog design(ramps, tooth shape, tooth positioning) is the biggest factor during the actual shift with the derailer only making a slight difference, as far as how quick and positively the chain seats on the next cog? I ask because any real upgrade in the cogs, as far as I can tell, will require a freehub/cassette to replace my current hub/freewheel and that may be kind of spendy, I only paid $70 for the whole bike and don't want to get caught up trying to make a silk purse from a sows ear.
Any other options?

When using friction shifters, your accuracy in setting the lever makes a lot of difference in how quickly the chain engages the cogs. However, if your rear derailer has worn pivots, it will flop around some and you have to overshift to correct for the problem, then shift back slightly to center the pulleys. This is the problem I had with the old Raleigh. After I installed a new derailer, an inexpensive SRAM 5.0, the bike shifts as quickly as indexed shifters without the tempermental nature of index shifters. I'm using the original chainrings and cogs.

SRAM 5.0, isn't that for eight cog MTBs?
And just to make shure it isn't the shifter adjustment, how does one adjust/maintain friction levers? Do they need oil or never oil, how tight should they be?

Good friction shifters have thumbscrew adjusters, which should be set just tightly enough to prevent "automatic" gear changes. I have experimented with lubrication of friction shifters, and have had good results only with White Lightning chainlube. Otherwise, keep them clean and dry.

SRAM 5.0, isn't that for eight cog MTBs?
And just to make shure it isn't the shifter adjustment, how does one adjust/maintain friction levers? Do they need oil or never oil, how tight should they be?

5 cog or 9 cog doesn't make a bit of difference when you are friction shifting. All you need to worry about is if the derailer will pull across the entire horizontal range and manage the largest cog. The largest cog on my old Raleigh is about as large as most ATBs so the SRAM works well and it's cheap. We're talking about Salvation Army thrift store commuter rig.

Nonetheless, I couldn't be more pleased with the performance.

It's possible that you'll need long brake calipers if you use 700c wheels. I have a very old frame (~1976), and the front wheel is fine with a modern caliper, but I had to get long one for the rear.