Piggy backing... being Skipper requires tough decisions to be made. One of those is of course whether to fly or not after a mishap. Having experience in the platform (and in flight itself) lends itself well to being able to rationally come to a decision. Beyond management, even the daily issues of manpower, operations, supply, and "general problem solving" vary greatly from one platform to another. Having that stick time really puts it all into perspective and provides a historical backdrop to the decisions made. So yeah, I agree with Bunk.
Damn straight. Afterall, I lied and told the front office you were a good pilot and officer. You owe me

And physical condition plays an incredibly minor role compared to skill. In terms of retainment on flying duty, the limiting factor has not been age when taken over a 20 year career. It's the other duties getting in the way that preclude one from staying in the cockpit (with some exceptions).