As far as the physical/behavioral evolution of the breed goes, as far as I can tell, working Border Collies of past and present are essentially the same dogs doing a lot of the same tasks. Were I to breed my dog, I wouldn't rule out a stud dog from the past. The things you mentioned, Red, such as health screening would be a concern of mine. It's an interesting thought.
All of these pictures of the "dogs of old" are interesting, because I notice Border Collies haven't changed all that much. They were rather diverse in appearance due to coat colors and lengths, but they're all similarly shaped dogs, give or take a bit of heaviness in bone.
This is a long read, but I'm posting it mostly for the illustrations. Look at these old pictures of the collies.
BC Museum: Introduction to the 18th & 19th Centuries
Wiston Cap, ~1965? Arguably one of the most influential stud dogs in the breed.
Just because I'm so familiar with her, here's my own young dog, born in November of '06.
And to illustrate the diversity of appearance in the breed, her great-grandsire and great-granddam - Ben a USBCHA champion and Nan the '93 (I believe) international supreme champion.
The show-type border collies are a different story entirely. Beautiful dogs, but I feel that they've almost completely separated from the working-type collie.