Hey this thread is exactly what I am looking for.
I turn 50 in a week, and one of my birthday resolutions is to run sub 5 while I'm 50. Even though that gives me a year, it's not going to be easy. I have been slowly getting back into it since January. I'm at about 20 mpw now and I think the key for me is to raise my mileage to about 40-50. I am only doing "speed" work once a week now. Most of it is longer close to VO2 max type stuff (like 5 x 1200's at 5k pace). I also just added a weekly tempo run about 4 weeks ago. That tempo run is making a big difference. My times in my VO2 sessions are really improving.
Nevertheless, despite no pure speed work, I just ran a 68 400 which surprised me. Personally, I think at this age that's good enough on the 400m speed side. I am sure if I concentrated purely on 400m work I could get it down a bit more but what's the point? I agree with the other posters who say the 400/mile connection while important, isn't quite the same when you are older.
I think a more telling thing would be to be able to break 2:20 for 800. That's a good combo speed endurance marker.
You talk about doing the "classic" 8-10 by 400's. Once I hit 40mpw, I will start incorporating some of those. However, I think it's very important at our age to also do things like 12-16 x 200's at slightly faster paces (I'd like to work to a 34 average).
Good luck to all in our quest!!