I, in an experimental mood, bought some "first flight" blades, and 1, 3, and 4 tommy armour persimmon woods. I've been for a couple of rounds with them and have a few conclusions
1. The ball makes much much much (much) more of an impact than the clubs
2. Some of the new technology cancels itself out
3. Turf/Sole interface on new clubs is under rated
4. Shafts do not wear out.
5. If you middle an iron (or even nearly middle an iron) 50 years of technology makes no difference at all.
My scoring was barely effected when i used the old gear with a new ball, i lost maybe two or three shots when i broke out a titliest tour 90 and a dunlop 65, becuase they went nowhere and spin like you can't remember! Howerer the true old school experience was without doubt the most fun round of golf !'ve had for years.
I would highly recommend this experiment - once you start getting the feel for balata's again there is nothing you can't do and watching drilled 4 irons spin around on the green is the happiest feeling a golfer can have.