Agree 85% of cases. There are 15% of old threads, though, that are worth/informative/interesting/fun to be bumped.
Second page would be fine but it could make things unnecessary complicated (never seen a forum with such a rule, I am not sure how it would look like).
I see the point, but one of the good things of GFY is that it has something like 3 simple rules, the rest is community driven and community-enforced.
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