Testors liquid cement is basically just Acetone or MEK, so it should not lose any of its strength over time. All it will do is evaporate if you don't have the cap on tight.
However, as others have suggested, just buy a new bottle and throw the old stuff away if you have any doubts. It's not expensive. Even at today's prices, I don't think it's more than $2 or $3 a bottle and is even available at most Wal-mart stores.
Why not give it a try with a couple of pieces of scrap plastic? Then you will know if it works!
Bob Boudreau
CANADA
Visit my model railroad photography website: http://sites.google.com/site/railphotog/
73
Bruce in the Peg