I think there is a huge distinction. A tradition is a cultural thing, that a lot of people have made an input into over generations. Either by modifying the thing( whatever the thing is), or just by using it and cherishing it. Something that is "a bit old" may also be a tradition: but equally well it may just be something made by one person, and not particularly valued or used or modified by anyone else. It is the modification and collective use and ownership of something that makes it traditional, not its age.
For example,I dont think a Shakespeare play is traditional, though 400 years old(though it may have traditions attached to it). The "Wild Rover" is, however, a traditional song, though obviously less than 400 years old (in its present form).