Not really. All the parts that would be damaged by that are designed to be replaced. My girlfriend did the same to her bike not too long ago. I spent about $80 and an afternoon to get it back in shape.

I've never tried to find parts for a bike that old before, so that might be the challenge. I did have a late 70's Schwinn that I converted to a fixie and had no issues there, but that was a much more invasive job. At the end of the day, I'd replaced almost everything on that frame, so I had less compatibility concerns.