Funnily enough on my only visit to New York I saw a concert at Birdland with the likes of Brian Lynch, Tom Harrell and Adam Nussbaum doing a 'tribute' to the early 50s Miles. It was a fantastic concert; what was more it got me investigating that period which is well away from the more celebrated Miles eras.
Similarly, Joe Henderson's 'So Near, So Far' went for some (mainly) unusual choices and produced what is my favourite late Henderson album.
It's the idea of 'tribute'/'celebration' that seems a bit icky. Re-exploring the music of earlier jazz eras has been part of the process all along and can deliver interesting new variations (Gil Evans' 'New Bottles, Old Wine') much as using tried and tested standards.
Maybe its just the straight re-construction of an album or concert that runs the greatest risk of just being a shadow. Possibly nice to attend in a concert, but not something you need to listen to again.
You say exploring the music of the past has been part of the process all along, but in certain periods it becomes particularly noteworthy. I'd single out trad revivalism from Muggsy Spanier in 1939 to the Brits in the 50s and today where re-exploration of jazz of the classic period c.1945-65 is central. Incidentally, at last week's gig Greg Abate was selling his Silver tribute album, Horace Is Here. With the great Claudio Roditi on trumpet, it looks very tasty and I'm tempted! I'll probably get it when I see him in Southport in a few weeks time with a quintet that includes Jim Rotundi on trumpet - all worshippers at the shrine of 45-65, by the way!