I would use at least 1/2 plywood screwed down. What you trying to do can be very hard, as these older floors can be very uneven.
Here's how I would do it.
Find the high spots on your
floor and install the plywood so that the edges of the plywood are as far from these humps as you can make them. Now make sure you place your screws every 5 inches or so along the plywood edges and about 6 inches on the inside of the plywood.
1) First screw down any loose boards.
2) Then screw down 1/2 plywood on top.
3)After the plywood is all screwed down, use a leveling compound to fill in your low spots. You can find this in Home Depot or Lowes.
Please feel free to ask me if you need more detail then this..
Regards... Dominick