> I don't think this [ed:periodical dilution] makes sense. Our bodies do not use the same blood forever.

You might want to read up on chaperone-mediated autophagy, and how that declines over time. There's a point to be made that yes, in old age we collect things in our blood that don't belong.

It might not be solvable through dilution, but it's not like we get a full blood change every 5K miles either.

as someone that donates plasma twice weekly I wonder what health effects of removing and filtering the blood regularly has if accumulation of byproducts is a major issue

I believe research has shown that blood and plasma donors have mild positive benefits.