I started doing it in my last file and I ended it at level 81 and faced miraak as a whitehaired longbearded nordic grandmaster, wearing neloths robes, Nordic carved gauntlets, using my thuum as well as my bloodskal blade and arsenal of spells, and I have to say that it's so much more satisfying knowing my character lived a full life and is now an extremely powerful grandmaster. It's absolutely essential for role-playing.

Does anyone else do this

I plan on adding a magnificent beard after I reach level 81.

That's a really good idea, though I don't know how I can make a Khajiit look older

Nope always play a vampire