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.
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.