No, high-proof distilled spirits do not 'go bad' -- at least not in full, sealed bottles. Near empty bottles (a bottle is never 'empty' -- the space is filled with air) can develop an 'off' taste from oxidation after years of exposure.
While your bottle certainly is interesting, about the only way to determine value is to offer it for sale -- for example, on Ebay.
Personally, I'd be tempted to purchase a recent Kentucky Tavern bottling (won't cost much -- it's a bottom-shelf brand) and compare the two myself. Consider it a bourbon history lesson as you contemplate the differences in taste and style between the older and newer bottlings.