Based on my own experience, I think it does.
I'm getting perilously close to my 2nd-annual-49th-birthday, and I have a hunch that I am physiologically a different person than I was was 25 years ago, and that it would be foolish to expect that every single Paleo "rule" that applies to a 20-something would also apply to me.
Can the key differences for "optimum" diet/lifestyle between young and old be enumerated?
Also, out of curiosity, in the studies of hunter-gatherer societies (Kitavans, etc.), is there any mention about diet and/or activity patterns changing with age? If so, how?