Need advice for my brakes on vintage Torpado I got nice Torpado as birthday present. I am not sure if the brake levers are too big for my hands, or too old. They seem very tight but also not that easy to reach. I am 5.3 tall, the frame is 49cm. I was looking at maybe getting Weinmann Dia-Compe Small Dual Safety brake levers. I have attached some photos of the levers.
Those levers are from the days when road bike levers mostly all came in one reach "category," which is quite a bit longer than ideal for probably a good 50-60% of the adult human population.

You may be able to get it a little better without changing components by adjusting either the angle of the bars (where they're clamped into the stem) and/or the position where the levers are clamped to the bars, which involves messing with the tape. It's normal to have to tweak both before one feels the lever ergonomics are as dialed as possible. That said, they may very well still be too far out.

If by tight you mean the brakes are adjusted now so there's little lever travel before the brake firms up, that's pretty easy to adjust by giving the brake cable some more slack, either by screwing in the barrel adjusters if they're out now or by re-clamping the cables, being careful not to leave any overly crimped spots in the system. That might make the brake feel in use a lot better for you even if it doesn't help the initial reach.

There are at least two different modern brake-only levers that you could get that are designated as "compact," for smaller hands. Tektro makes them and a bunch of companies have versions of them with their name on them, like Cane Creek and Origin8. 

Current road bikes usually have integrated brake levers/shifters, which these days all have some way of adjusting reach.