I don't see the point for a Masters show, personally. From what I've seen in history, some of the best bodybuilders ever won the top titles when they were in their forties.
Case in point:
Bill Pearl - won the 1971 NABBA Mr. Universe at age 41, at his all-time best 241 lbs.
Chris Dickerson won the Mr. Olympia in 1982 at age 43.
At least one of Franco Columbu's Olympia occurred, when Columbu was in his 40s.
Ronnie Coleman has procured two Olympias in his 40s.
Lou Ferrigno came in his best shape (size and condition) in 1993, at 315 lbs and age 41.
And, there's Vince Taylor, who placed top 5 at the Olympia and Arnold Classic, in his 40s. He would have placed top-5 more often, had DeMilla let him compete in both the Masters and regular Olympia.
Plus, considering how close Mr. Chicerillo came to winning a pro show in 2002, I think he can still hold his own with the IFBB's best.