Mark, when I first made up Pyrocat I found it had a short shelf life and was lasting about 3 months before a significant colour change indicated it was oxidising. But the problem was the small plastic bottles I was using, some plastics pass minute amounts of oxygen through the wall and over a period of months it's enough to do the damage.
Since then I've used old high density Ilford & Agfa (Rodinal) developer bottles and found that the shelf life improved enormously. The Metabisulphite protects the Pyrocatechin, as long as that hasn't broken down fully into sulphite the developer is stable and doesn't oxidise. I have a very sensitive nose for SO2 and noticed that when Pyrocat HD stock was starting to oxidise the smell of SO2 had completely disappeared, which makes sense.
Sandy King has published (there was a url link here which no longer exists), photographically the Glycol has no effect on the developer but in the stock Part A copmpletely stops any chance of oxidation as it doesn't absorb oxygen into solution.
Ian