Working with an old wood beam suggests that it is already loaded, perhaps overloaded?
THe problem with using steel fletch plates or some other composite section is htat you have to deal with the consistent deformation issues. The steel and the wood each take their portion of new load which is distributed proportionally to their relative stiffness. You either have to shore and releive load on the wood beam prior to installing the fletch plates or else check to make sure the wood beam doesn't overload before steel starts to pick up significant load. In other words, if your wood is at 99% of ultimate its going to blow out as soon as you add any additional deflection. No new deflection, no load on the new steel, just new holes in your old beam.
If you have clearance below, one option that may work is Queen-Posting and post tensioning. Its a bit tricky but you can get sail boat rigging that is load rated.
Yeah, you can do it, but in most cases, I think Mike had it right with suggestion #4, just replace the beam.
Good luck.