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Do miniDV tapes degrade after time without use? Or do they only really degrade with use?
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DV tapes should be handled with the same care as any magnetic tape ie VHS, cassette etc. Keep them away from magnetic fields such as a TV or speaker and keep them at a reasonably steady temp. I've got 10+ year old VHS tapes that stilll play as well (or bad

) as they did when new so I don't see DV being any different.
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Also with SP and LP modes whats the sort of quality difference?
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It all depends on the quality of the tape and the heads on your camcorder.
LP will have less error correction and so any problems will amplified compared to SP with sound dropouts and pixelation etc. Some LP tapes will not be playable on some camcorders. For compatability you will need to stick to SP.
The only way to tell is to try it and see if its good enough for you.
Mark.