I used a 741 back in 1972, they were not new then but were reasonable. By today's standards a 741 is so totally rubbish that you would do well to replace it.
Assuming it is operating on a split 12V supply you should take precautions not to expose the arduino to anything outside the 0 to 5V range. So that includes negative voltages as well as over voltages. If you replaced the 741 with a modern single rail, rail to rail 5V op amp you would not need to do this.