The pressure balanced valve is an excellent idea. However,if the pipes are clogged or too small, the overall volumn of water will be reduced. I've addressed this issue in my current renovation by having the plumber use 3/4" or larger lines when they serve more than one fixture.
As for galvanized piping, that was obsolete for water supply lines around here by 1950, however it was still being used for drains until somewhat later. My old plumbing system was copper supply with C.I. and galvanized drain lines. Therefore, I doubt a house built in '60 would have galvanized for supply, unless that was local custom, or a rather inexpensive house. The galvanized drains in my house clogged easily, and also developed leaks, as they rusted out.