Originally Posted by
Amani576
If it's got cottered cranks, it's old enough to have french threading, and there lies your real problem with upgrades. French threaded square taper BB's are uncommon. VO sells them when they're in stock, and a Phil Wood with french rings are your only new options. eBay is also an option, just watch out for the correct taper.
-Gene-
If the cups are okay you can replace the cottered axle with a #5 spindle and then use modern cranks.
A new spindle costs about $6.00 and the price of cranks can vary a great deal... I found a Peugot branded SR crank set at the bike coop and now run a Sugino steel chain ring.