Installing a new Hi E Compressor in a 60s-70s ref.
YES it can be done and you will reduce the compressor running watts from around 300 to around 150 watts. A large part of the effishency of new refs is the compressor, then Hi E electronic fan motors along with changes in the frequency of defrost cycles. Yes insulation improvements also account for up to 1/2 of the energy savings, but you have to keep in mind that your 70s Frigidaire SXS uses about FOUR times the power of a new SXS that will actually keep your food colder and far longer than a 70s ref would ever do.
My brother Jeff and I have updated several refs and freezers from the early 80s with newer Hi E compressors with great results.
Keep in mind that most new compressors are far more durable than the stuff from the 60s and 70s, in a years time I see almost no bad compressors in WP built refs, WP uses Embraco compressors and they work great. When we recycle a beat up ref we often save the compressor to use to replace lessor brands of compressors in other refs.
John L.