It's wonderful that NASA's contractors utilize some ancient machinery - but that had nothing at all to do with making hand tools. Mass-manufacturing is a whole different world than one-off machining. You can make beautiful space-ready parts with a worn-out Bridgeport if you take your time and know the limitations of the machine. That doesn't mean I can run a successful competitive hand-tool company with an army of Bridgeports.
Old machine tools can absolutely be precise and accurate but they will not be automated, fast, consistent and stable. I came from manufacturing, and the company I worked for was constantly replacing old equipment with newer machinery. They had good old "American Iron" like ACME-Gridley, Brown & Sharpe, Davenports, etc..
Those old school machines while reliable, are not stable - meaning the operators are constantly chasing them around throughout the day to keep parts in spec. God forbid you have to stop the machine to do something for 30 minutes, because it's going to start making scrap on restart until it gets some heat back in it. They're also limited in what they can do, meaning many of your parts need a second or even third operation in a different machine. All of that fiddling around, secondary work and so on really hurts productivity. That was fine in 1940s America - not today.
The company I worked for would replace those machines with modern CNC screw machines: Swiss-style machines and multi-spindle CNC screw machines from European manufacturers. These machines are super rigid, super stable, and can support all kinds of auxiliary tools to make complete parts without the need for secondary operations. These machines are darn-near set&forget. Get them warmed up in the morning, and they'll pretty much just keep making good parts all day long.