I wonder how well the interviewers would accept school projects that have been done many years ago.

It'd definitely be interesting to do a code walkthrough of that, as one would still be able to explain the code, but would need to say "back then I did it this way, but now I know better and I'd do it that way" pretty often.

I can see this being used as an opportunity to ask the candidate how they'd do it differently many years later. I'm not sure if it's a useful thing to ask, but it sounds like it would spark interesting conversations.