The only problem with getting a new title is that if there is an older title out there somewhere that comes to the surface, the older title trumps the newer one. One situation that comes to mind is the deal a year or so ago where a guy had a top notch restoration done on an early bay window bus. He had a clear title. Then he sold it to someone in Japan. When it went through customs, they found the VIN was reported stolen 5 or 6 states away in the early 70s. The owner that had a "clear" title to the bus was out all the money he had poured into it. An insureance company that had paid out a $1400 claim in the early 70s ended up with the bus.
In GA, anything older than 1985 or 86 (not exactly sure what the cut-off is) they will run the VIN through a database to make sure it hasn't been reported stolen. If you have proof of insurance and a non-stolen VIN, they will sell you a tag for it. If it's newer, you have to transfer the title to your name to get a tag. Once it's transfered without transfering the title, GA WILL NOT issue a new title. That's why so many old cars in GA don't have titles. 99.9% of the time, it's not a problem . . . just be aware that if the title is still in a previous owner's name, they still have the title and never signed the back as a seller, all they have to do is locate the car and call the State Patrol and it's theirs . . . and you've got some 'slainin' to do.