There are plenty doing their jobs 60 years later. Problem is, there are plenty NOT doing their jobs, even a couple years after installation, and it only takes one to create a problem. As for grounds, I don't know why someone thought it necessary to have a quick-disconnect ground--we all have screwdrivers, and an eyelet and screw would be much more reliable.
When I get to the point of doing the electrics in my TR4A, I plan to use modern connectors, probably Molex. Not original looking, but sometimes reliability is more important, and most connectors will be out of sight, anyway. As for the grounds, I'll do what I did in my MG, return them all to a common ground point.
There's a lot you can do to improve the electrics in these cars without compromising them.