Equipment like old radio systems and servos can still be used in r/c racing to this day, assuming that they are in good operating condition. As far as servos specifically, if it was a "race" quality servo with fast speeds it should work today.
Depending on the class structure of your local track, you many be able to run old brushed speed controls and motors assuming the class structure is totally open or a "run what you brung" setup. You can also find examples of tracks that are more focused on the fun aspect of this hobby and go out of their way to make sure that people who show up get a chance to run whatever car they have.
The local track I race at would have no problem letting a 6-cell Nihm/27 turn brushed motor car with a Viper body race in the VTA class or an equivalent class for club racing assuming the car was setup to go similar speeds as the class they would be running. However we would eventually expect this person to conform to the actual rules of the class as this will make the racing experience better for everyone. We would rather let people have fun than turn them away.
Don't let old or "outdated" equipment keep you away from the track. All you really need to enjoy this hobby is to bring a positive attitude to the track and the ability to have fun while you are there.