No, only good for the "gee whiz" or "modern" factor. Get a good set of aftermarket aluminum pulleys if you must change them. Canton Racing Products makes some real nice black hardcoated 6061-T6 aluminum v-belt pulleys for Fords.
be carefull in you set up. the newer belts run the water pump backwards from the old ones, so don`t set it up to run your old pump the wrong direction. (don`t just copy a newer set up.)
If you can get a package junkyard deal it is worth it. Underdrive pullys arent as expensive as they used to be, I run a late motor so it was an easy decision for me to make, the motor I bought came with all the goodies I just added the underdrive pullys.
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