You're talking rear derailer? Mine is definetely a weird old unit. But you know what? It is whisper quiet and very accurate even after swapping in a 6 speed freewheel. The front derailer is very accurate too, but the cable adjustment is such that the lever has to be down part way so it doesn't rub the chain.

I replaced the brake cables and housings before I started using it but did touch the derailer cuz they were in such good shape. But since commuting in the rain the past month the road grime, etc. had them feeling like I'm lifting a gorilla. I'll be replacing those cables very soon but I
ll leav ethe hardware. Smooth is smooth, even if I have to use the long throw hardware - hey it's a classic!