I'll have to disagree. There are characters I want to read that are greatly defined by their best runs: I may never get a Mark Waid's quality Wally's Flash again, but when I see Wally, I wanna see that guy. This doesn't mean that every single bit of conitnuity minutia has to be in place, but I do want to see his status, his relationships and landmarks respected. Otherwise I'm reading a different character. A Wally that didn't reach that peak is not the same Wally. I have no interest in newbie Wally.
And this can be applied to every character but the trinity, which has a certain level of importance that will keep them as THE TRINITY, no matter what.