Hi Tom,
In general an older animal will have larger testicles and more tissues in the area. More surface area probably increases the risk of infection. Larger size could also make for a higher failure rate due to poor fit.
Pain is another concern. I think it is pain and welfare concerns that make banding illegal in some places past certain ages.
I wonder if you have a large animal vet in your area you could ask about it.
This publication has some mention of banding in general and research in other animals.
"ANIMAL WELFARE
(PAINFUL HUSBANDRY PROCEDURES)
CODE OF WELFARE 2005
REPORT"
https://www.mpi.govt.nz/dmsdocument/1444/direct
This publication is specifically about alpacas. It mainly recommends surgery performed by a veterinarian and covers some research on pain relief after surgery.
"Castration methods and welfare of alpacas."
https://www.agrifutures.com.au/wp-content/uploads/publications/17-041.pdf
These documents are pretty big, but you
should be able to search them by hitting Ctrl and F on most PCs.