Do bacteria suffer after a long period of inbreeding as animals do?
No, they reproduce asexually creating almost identical clones of themselves.
Would the bacteria that were initially started in my tank in 1972 still be re producing?Just a theory.
If they were well adapted to your tank when they were first introduced, and the tank has not changed a lot, yes. The chances are very high that your tank now contains descendants of the bacteria that was introduced initially.
I don't know what bacteria are prevalent in reef tanks, but a fairly common marine bacteria is Vibrio natriegens. This is actually the fastest growing bacteria I am aware of. Under ideal conditions it can divide every 11 minutes! (Ideal conditions means that everything it needs for growth and division is available in excess, of course such conditions over time are only found in artificial labs environments.) If this bacterium is in your tank and has been there since the start, (this is pure guesswork from my side), and we say that it has divided every 120 minutes rather than every 11 minutes (since the conditions are far from ideal), what you have now in your tank is the 166440th generation of this organism