Is there a lifetime on the hose, ie does it degrade with time or fuel exposure?
Yes. The often-used rubber ones with a braid will fail over a number of years as they harden and crack. They also always allow some fuel to out-gas which is why these tend to always have a faint petrol smell around them (and why in most race classes you're not allowed to run rubber fuel lines through the cabin).
Using plain (un-braided) rubber fuel hose from your local motor factor is really more useful in this case as it's dirt-cheap and you can visually check for deterioration.
However, its not a question of 'if' but 'when' they will leak on these..
PTFE hoses are pretty much inert in his respect and will be more like the OEM plastic ones lifespan-wise. It does not smell of petrol and pretty much won't degrade under contact with fuel. Plain smooth bore PTFE hoses (braided or not) are quite a bit stiffer than the rubber ones though and can't handle tight bend radii so can be harder to install.
Corrugated PTFE hose with a smooth inner lining is the best (eg. Goodridge G-line XF series), but expensive. The kevlar outer-braided ones ( XF 910 series) are the most OEM looking and don't have the 'sawing' effect like stainless braided hoses do.

Bye, Arno.