One thing to do with older paper is to check for fog. In total darkness if possible, cut a couple of strips from a sheet of paper. Develop, stop and fix one as you normally would, but just fix the other. Compare the two. If one is darker than the other, your paper is fogged. Depending on the severity of the fog, you can add benzotriazole to the developer to remove it. If the paper is too fogged to completely clear with BTAZ you can still bleach back the highlights with ferricyanide in some cases. Lightly-fogged paper can be fairly easily saved with one or both of these methods. Very fogged paper is ruined for most printing purposes.
As for contrast: Your test with a step wedge is good, as is the idea of making a swatch book of step-wedge prints as a benchmark. If I suspect my developer is dying, I'll often run a step-wedge strip to check it. It's amazing how often I'm wrong here...
Speed is not a problem: just make a test strip and find your best exposure time. It may be longer for older paper, but who cares.
Best,
Doremus