Do you need to regenerate the last 5 years of addresses or will it automatically restore all used addresses and their transactions from the blockchain after you transfer it to Armory on your online computer?
Will the transaction history for the last 5 years come back and show up in Armory?
Would like to hear from someone that has actually restored from an old paper backup to identify their results and what else, if anything else, needs to be done. Thanks.
Armory hasn't been around long enough to have a 5 year old backup. However, the age of the backup does not matter. For any backup that is restored, Armory scans the block chain looking for transactions associated with that backup. Any used addresses will be restored.
The only time that you would have to regenerate addresses yourself is if you had previously generated a large block of addresses and never used them. Any transactions associated with addresses after the unused block of addresses won't be discovered.
So, there is nothing else you have to do. Just use your restore wallet like you would any other.