Are older road bike parts compatible with newer standards? How do older and newer bikes match up performance wise?
Upgrading an older bike is typically not economical.  Parts are typically not cheaper.  Parts are not as available.  That drivetrain is not compatible with a modern bike.  Bikes have gotten better.  Little faster, lighter, more comfortable, and easier to service.  You can find decent to nice newer model used bikes for $400.  Find someone that bought an $800 bike thinking they were going to get healthy, did not ride it, and is selling it for $400.  It happens and that is your best value.