somewhat
That does make some sense, could explain much of the problem. LOTS of power runs through those connections, nice and tight means more contact area means less heat generated at the connections. Also check the cord strain relief at the rear of the dryer, if it's nice and tight you should have less wear on the power cable connections. And check the connections at the heating element while you're at it, just to be extra safe and sure. Next to the main cord, those element connections are nearly as high-powered and need to be tight as hell.
But I still beleive in THOROUGH cleaning of an old dryer, take the front off if you have the knowledge, take apart the blower housing and be sure it is lint-free, all the tubes, etc. While you are at it, de-lint the motor, get some oil on the motor bearings, the idler pulley shaft, etc. It never hurts on a dryer this old, and can add years of safe operation. Clean all the thermostats, etc.
You have a high-end GE, lots of options on it. GE made a good and reliable dryer for years, and lots of parts are available.
Having said all that: Yes, tight connections could have been the problem. If you run quite a few loads and check routinely for that same wrong hot-spot and it's gone, then congrats, you found and fixed the problem.
I am partial to any washer or dryer that lights up! Top notch!