Dear Paul Verizzo,
Yes, Cds may age.
Even the pots, meters are OK, the readings may shift by Cds aging effect.
I have seen this with the Nikon F, F2 Photomic finders and other cameras that uses Cds cells.
I don't exactly know why this happens, but one time, at the Nikon sevice center (in Japan) I have heard that this is caused by the decomposition of the CdS compound itself ..... however I cannot be sure this is true or not.
From my experience, Selenium cell are far more reliable and less prone to aging compared to the Cds.
I have seen lot of cameras that used Cds has shifted.
But not for the Seleniums.
I do have the CONTESSA 35 camera (made in 1953) that uses Seleniums, but the readings is still accurate (although this camera meter is prone to have intermittence connection problems to the meter ... mine was fixed for the intermittence connection problem only, the cell is original, 55 years old!).
But the readings of the Nikon FTn Photomic that I used before had shfted more than 2 stops, when we still can obtain the mercury cell (FTn Photomic used mercury cells), making the meter useless.
If the Cds age, you may can adjust the pots to agree the meter with some light level, but, if the light level changes (say if it gets darker), again the meter will disagree compared with the correct light meter readings.
So most of the times, if the Cds aging is causing the problem, the only true cure of the problem is to replace the Cds and recalibrate.
But you need the replacement Cds which may be difficult to find (both size and electrical characteristic must be the same).
May be you could adjust the meter to be accurate within some specific brightness range, but may not to the whole brightness range without replacing the Cds if the Cds is bad, depending on the circuit of the metering system, and the how the Cds are aged.
For example, Nikon sevice in Japan, cannot fix the Nikon F & F2 Photomic Finder any more (although they still do overhall for the Nikon F and F2 cameras) since no parts are available, but some third party repair shops DO repair the Photomic Finder by using a special order Cds that can be fitted to the Photomic finder, replace it, and recalibrate it.
Regards,