You can install a tempering valve in the wall for your tub/shower but it would need to be accessible. Likewise, they do make separate pressure balance valves, but again, it would need to be accessible for service via a panel. On a modern tub/shower valve, it would have a mechanical stop to limit the max mix of hot water and a pressure-balance valve to handle momentary pressure fluctuations. With a simple two-handle valve, that's why you'd need two devices to replicate that functionality. Somebody might make a device where they are combined for your application. If you want to throw in thermostatically controlled, it can still be done but is messier. There are some two handle devices that could give you the look of the old stuff, but the functionality of a code-compliant installation without the extra bits.