Sure!

Pay attention to “rear dropout” spacing. That’s the distance between each side of the rear stay, where the rear wheel is attached. Older frames are 120-126mm (my bike is 126) where most modern wheels are 130mm. Doesn’t sound like a lot, and with steel bikes it isn’t because the rear stays can flex somewhat. But if you’re trying to fit 130mm hubs in 120mm, it’s going to be a challenge.

Head tube. Yes, older bikes use a 1” threaded standard, where modern bikes have 1 1/8” “threadless”. You’ll be somewhat limited on headset and stem choices, and forks too if you’re replacing those.

Be wary of less standard bottom bracket shells on some older frames; might be a problem when selecting a bottom bracket and crankset. Bike name brands you’ve heard of from USA or Japan should be fine. French probably not, and I don’t know much about Italian.

Those three components should be understood before buying parts.

Rim brakes are mostly a function of mounts on the fork/stays. Older frames/forks won’t have the mounts. Don’t worry, rim brakes can still be good.

Finally, if you don’t have a frame yet, let the maker of steel guide you. Columbus or Reynolds is what you’re looking for. I personality like Reynolds 531 (or 501 if the frame was otherwise cool), or the Columbus equivalent. This refers to the type of steel and how much it weighs. My Bridgestone is Ishiwata 022 steel. I doubt you want to put time and money into a standard chro-moly steel frame.

Speaking of money, it’ll probably cost you more than an equivalent off-the-shelf bike. Have fun.