Yes, they do 'wear out' in a way, and losing brightness or changing colour are possible as the LED ages. However, unless you drive them very hard (which effectively means letting them get very hot) then it takes a very long time. Ageing might not be your issue...
Have you tried cleaning all the electrical contacts inside the flashlights, including the threads on the bodies/tailcaps/heads if they are used for conduction? If not, that's where I would start.
Get some Deoxit contact cleaner (red, not gold) and use it on all the contact areas, following the instructions. It cleans off the accumulated oxide and can make a big difference. Perhaps clean the surfaces with a little IPA before the deoxit, to remove excess grease if there is any.
Deoxit Gold, by the way, is great for using when you have cleaned the contacts or on new equipment. It does not clean so much, but it leaves a protective and conduction-enhancing layer.
Search here for more info about Dexoit - there are lots of informative posts.