Drew -
I alternate playing with two sets: mostly I play with the Hogan woods, Hagen irons, Wilson Dyna-power SW, and a Bullseye putter; but sometimes I play with a modern set (which keeps changing as I find things in second hand stores, but is currently) Aeroburner Mini driver, Adams Speedline-10 3 wood, Ping G2 5 wood, R7 irons, Cleveland wedges, and an Odyssey putter.
You're a top-flight golfer and I'm a very average one, and yet sometimes I know exactly what you mean, i.e. not only is the old equipment far more lovely to look at and satisfying to play, but I actually don't see any difference at all in my average/typical score for 18 holes.
But sometimes, as in my most recent round, in the cold and wet, using the new equipment literally feels like cheating!
I mean, compared to the older clubs, I simply can't 'mis-hit' these new clubs; barely adequate swings (off the driver or irons) still get the ball out there and fairly straight, and with really good swings I can even reach some par 5s in two!
The fairway woods in particular: my goodness, compared to the heavy steel shafted wood woods, the graphite shafts and hot faces of the Ping or Adams makes me feel (almost) like a scratch golfer, instead of a 12 or 15.
All of which is to say: ah, the price we have to pay for beauty and soul -- it can be steep indeed! But without them, at least every so often, what do you have? Nothing but a pastime....