Blue Steel seems to work well for my Strat and Tele ( light gage) I also use them on my acoustic. My biggest problem is my wammy on my strat, If I break a string it's instantly out of tune "Big time" :( It always freaks me out if it happens on stage.
I don't know what kind of strings the old guitars had but I know some of the amps were lower in wattage (volume) and alot of bands thought distortion was cheap sounding. I remember reading somewhere that some guitar players would actually cut a little into their speakers so it would vibrate and make a distortion sound. The speakers seemed to be paper like more so then todays speakers.
P.S. I know a great string (New but broke in) seems to have more sustain than dull worn out strings. They may have rubbed something on them at the factory as to protect them from tarnishing etc. so that way the strings may have had a duller sound. One time I had a set of strings that had too much sustain and I rubbed wax on them and it seemed to dull their sound