All Shimano road hubs from 105 up are rated for radial lacing. That may not be 'most,' but it's a lot. And 105 hubs are cheap. With a new hub, you wouldn't just be getting lighter weight, you'd be getting smoother bearing races and somewhat thicker hub flanges that match to bends in modern spokes better than the flanges on your old hub will. You can definitely build a better wheel this way. But if you want the experience of building a wheel for the lowest possible cost, that old hub should work just fine.

On the other hand, if you just need a new wheelset, you'd probably be better off buying a pre-built set - it tends to be cheaper, but it's worth checking since you don't want to buy new hubs.