Last year at New Year, we cracked a bottle of Old Forrester that had a 1954 tax seal on it ( I think it was about 11 years older than that). Yooooooowwwww. That stuff was like pure jet fuel. It felt like it was evaporating, like acetone, as it went into your mouth. Like drinking a cloud of highly flammable vapours (spelling intentional). It's a wonder we lived.
Ageing in the bottle does nothing for it. Ageing has to occur in the wooden cask. It's the chemical interaction between the alcohol and the charred wood that causes the taste to change. Once in the bottle no further changes take place. If it was 11 years old when bottled, it should still taste like 11-year old Scotch (or worse) when opened even if opened 30-40 years later.