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Do some basses just need 20+ years before their good?

More like 40 years of the really bad ones getting destroyed, parted out and modded beyond recognition. The good ones have survived more or less intact.

On top of that, the market for 50's and 60's instruments has priced it's self out of reach of average players. But those average players still want something old and cool. So instruments that wouldn't have gotten a second look 20 years ago are now "vintage" and wanted.

I dread the day early 80's Fenders start going up in value. They were even worse than the 70's ones.
 
Turds do not age well, I don't know where you heard otherwise.
I hear Dino turds bring a pretty penny, and still look exactly the same as the day they were "born". Oh, and they polish up nicely.
Incidentally, cowpies make good fuel for fire, much like turd basses, coincidence? I think not.
 
More like 40 years of the really bad ones getting destroyed, parted out and modded beyond recognition. The good ones have survived more or less intact.

On top of that, the market for 50's and 60's instruments has priced it's self out of reach of average players. But those average players still want something old and cool. So instruments that wouldn't have gotten a second look 20 years ago are now "vintage" and wanted.

I dread the day early 80's Fenders start going up in value. They were even worse than the 70's ones.
I saw a 2 knob strat with the word "vintage" attached to it. It was appalling
 
I think there are quite a few factors at work with older instruments, to a greater and lesser degree
1. They were made better. Maybe not better (in fact, tolerances are way tighter now) but it is possible that the wood was better then. Certain species are no longer available, and my understanding is the drying processes were different as well

2. Aging. Maybe. If you have a think finish, probably not, but a thinner nitro finish seems to let the wood continue to air out to some extent. It may (probably) be all in my head, but I have a 9 year old warmoth J type with a nitro finish on it, and it seems livelier lately than it was than it was new

3. Sorting-LZ 4005 is right on the money here. You have to figure the worst of the older instruments probably are out of circulation at this point.
 
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Aging of instruments is like the aging of wine. Sometime it's an enhancement, sometimes it's a detriment, and sometimes it makes no difference.

A local winery I was visiting found a case of Riesling in the back of their warehouse that had been sitting there for 9 years. When the wine was first made it was rather poor and the winery sold all of it off cheap. But they missed this one case. When they later discovered it they were just going to dump it in the drain - it was a poor year for Riesling. But the executive wine maker stopped the dump and tried a taste. He discovered to his great surprise that the wine had aged beautifully and was quite exceptional. I bought most of that case and have to say it was amongst the best Rieslings I have ever had. And I've had a lot.

I have handled many "vintage" instruments in the course of my work. Some are old, beat up and really poor. Some are immaculate and still poor instruments. But a few have shone, beat up or otherwise, and I am not convinced they started out as being superior instruments. Some of us get better with age, some just break down. I like to think of myself as the former.

Regardless, wood goes through changes as it ages. So do the magnets in the pickups. Whether those changes are for the better or not is unpredictable. And the quality of change can be a matter of taste. And buying a "vintage" instrument may be just as much about it's rarity in the market, or it's connection to history, or any number of other factors, as it is about the quality of the instrument.
 
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