First, two measurements per subject will be better than one. The mean of 2 independent observations on an individual will have a lower standard error of the estimated mean value by a factor of $1/\sqrt 2$, or one-half the variance of the mean-value estimate, than what you would have with a single observation
Assume that observations among individuals are independent and that the variances among observations within an individual are the same for all individuals. Groups are more easily distinguished if the within-group variances are smaller. Within a group, the variance of the estimated mean values will be the sum of the variance among the individuals' true mean values plus the within-individual variance of the mean-value estimates. Two observations versus one on each individual reduces that latter contribution to the within-group variance and thus improves power.
As to how much it matters: it depends. If the within-individual measurement variance is very small compared against the between-individual variance, the extra measurement won't matter much. But if the within-individual measurement variance is of similar magnitude as the between-individual variance, the extra measurement will help.
Second, if there is a systematic effect of time-of-day on your outcome but no age:time-of-day interaction, including time-of-day as a predictor in your model would tend to reduce the remaining within-age-group variance. That would have to be traded off against the loss of a degree of freedom for estimating the time-of-day effect, which can be important with small studies. So any advantage of that two-predictor model over the model only considering age depends on the relative magnitudes of the age and time-of-day effects and your sample size.
Third, with a random effect for intercept in a model with age and time-of-day as additive effects, you are modeling yet another parameter: a normal-distribution variance of hypothetical baseline values among all your subjects. For example, that hypothetical could be the variance among individuals' morning measurements while correcting the old individuals' values for the age effect. How much might that help or hurt? Again, it depends on the data.