There's no doubt that sentimentality was a factor for actors nearing the end of their career. I don't think that has been a factor in recent years, but that's not to say it couldn't pop up if an old timer has a meaty role.
But regarding Al's performance in GF2. I don't see him winning (blasphemy!, heretic!). Michael Corleone is a kind of one dimensional character; sullen, angry, somber. Granted he creates that character to the utmost, but I would lean toward an actor who can portray a character with a wide range of emotions and a window into his soul. Michael Corleone is a tough character to like in GF2 and not easily understood. A bad seed. That also may have factored against his vote tally.