And reading between the lines, my guess is you are saying yes, this matters a great deal - elsewise you wouldn't want to be advising lots of analysis before action. Am i right?
You are right.
At a high level, would blocking that old stuff (no index, yes follow) effectively refocus linkjuce on product pages?
I believe that linkjuice will still flow through these pages. Is that correct? Maybe, it depends upon how search engines have decided to process the flow of linkjuice through noindexed pages that are followed... and search engines can decide however they want and change their minds about it without announcement or regard.
So the question remains: will selectively noindexing large quantities of old poor-quality stuff help the relatively smaller quantities of product related stuff in Google's ranking algorhitm?
I don't know the answer to that question because I don't know how search engines handle the noindex. If this was my site, I would be redirecting to remove those pages from the index and push the value of any links to a relevant page on the website - if there is one.
Here is what I have done on a similar situation....
One one of my sites we were posting about six to ten very short news items per day. This was a news blog that covered emerging topics in our industry and related industries. They would get a lot of traffic for a few days and a few of them would attract a nice amount of traffic long term. We would allow them to remain in the blog archive until the first day of January, two years after they were posted. We would then redirect all of them as a group to the homepage of the news section of the website and delete them from the server. Before the redirect was done we would consider any of the posts that were still drawing traffic and write extended articles for those that were of merit.
We continue the news blog because.... lots of other industry related websites link to the homepage of the news section, lots of people have it book marked, it ranks well in search and gets thousands of views per day.
But the main reason we keep it... lots of visitors type our domain into the address window of their broswer or into a search box, land on our homepage and click "news". Google sees this activity because they are the most important search engine and they own the most important browser. Google sees thousands of people asking for our website by name. That in my opinion, is extremely important to the rankings of my website that people ask for us by name and Google sees it. So, if you have this it could be worth more than gold.