Wald still makes the best fenders for bikes. Not as good as they were in the 50's-70's, but better than anything else out there.
Oh I don't know about that....
I prefer carbon fenders to steel.
Bontrager or XLC both make excellent fenders in both carbon or Aluminum.
Steel is more prone to rust , are heavier and generally are made using stamped struts . ( prone to metal fatigue )
For that vintage look a Wald is a damn good fender though.