Here is my take on it
1) Different colour dyes affect the strength of the original thread, so two different colours of the same age will not be as strong as each other. (Still true today I would think)
2) Yes Sunlight will help to rot thread, and all fabrics. But if they are stored away from sunlight they could be fine.
3) I do know from church furnishings that old silks starts to deteriorate after approximately 70 years, that said depending on storage conditions, silk can last much longer - see Quilters Guild of Great Britain 1718 quilt. ( go here to see a partial detail, the best picture I can find at the moment -
http://www.quiltmuseumshop.org.uk/product/376/1718_Coverlet_Bookmark
As a aside to this when my Mother was working on her church's green altar frontal, she had a lot of conversations with the people at Watts & Co
http://www.wattsandco.com/ and they told her that due to the change in dyeing techniques they think that the average life span has shortened from 70 to 50 years.
4) Again experience from reels of silk floss (the non-twisted type), if you can hold the wooden reel between one finger and thumb and the thread between the other finger and thumb and can rotate the thread on the reel, it is rotten and will keep snapping off every few stitchs in hand work.
5) To check whether the thread is strong enough to use, take a length between both hands and try to snap it, compare how much force it takes to break it as opposed to a newer thread. DO NOT compare polyester to cotton!
6) If you are using a super-duper, bells-&-whistles super fast (industrial?) machine it might be operating too fast for the older thread to cope with, at which point it will keep breaking. However 'most' domestic machines don't get up the revs to cause this to happen. And if the thread keeps breaking and you have a new needle in the machine, and have checked everything else 'Bob the thread Guy' says to check, retire that specific reel from machining, but it could be ok for hand basting.
7) When we are sewing something it is usually because we want it to be available 'NOW' - not necessarily in 10-20 years time. If it passes points 5 & 6 above I would use the thread if it was the perfect colour for the job instead of buying new.
As 'Grisson' from CSI original puts it 'Follow the evidence - don't make assumptions'
Besides the empty wooden reels make great toy 'tanks' as we called them, using a small stub of candle, a short elastic band and a matchstick
. You could cut notches on the edges of the reel for better grip - the plastic reels just don't work properly
Th-Th-Th-Thats all for now folks!