In general: no.
But I wouldn't pay extra for an old cue unless it really is a historic collectors piece that can be resold easily. (Like an original Rambow or Balabushka)
If the cue's wood isn't warped or rotten, then it shouldn't make a difference how old it is. It may not be as "bright" or shiny - but still quite playable.
The length, weight, taper, tip and joint will effect how a cue "feels" and "plays" more than anything else - and all of those are pretty much subjective to the individual player as to what is "good."
Truthfully, any ol' hunk of wood with a decent tip can play just fine, if the player has a good stroke.