it can't hurt to try them. The weak points are the glue joints. If they are stitched at all joints, then probably will hold together until the mylar breaks down. Some of the lighter built sails were only glued together at the panels. if this is the case, you can "repair" them with clear, reinforced packing tape. I once rebuilt a #1 after a day of racing with packing tape. The tape will also work for repairing any holes, or tears in the mylar.
Mylar sails tend to wear out by using them, but should store for a long time without breaking down. The mylar usually only breaks down by flexing. So avoid flogging and folding the sail in hard seams. Roll them and they can last a quite a while. Dacron wear patches along the foot and at spreaders will also help them last. The mylar doesn't like chafe.
If they last long enough they don't stretch out but shrink due to all of the tiny little folds that end up in the material. Over time, this shrinking of the sail will cause it to be flat with very little shape and they can be hard to trim and drive to in this condition.
Mylar sails are also very loud. They crinkle a lot. For cruising, they aren't very popular in anchorages. In higher winds, they can be deafening.
I have two NuClear mylar #1's and a #3 for our boat. They are all 8+ years old and one of the #1's and the #3 are in very good shape still. I use the #3 often. When new and in good shape they were almost clear. They tend to get cloudy over time though.
I don't know if anyone still makes them, but they could be a nice budget solution for an aspiring racer.