Does longevity(a long career) automatically equal respect in the Pro Wresting business?

I think to a certain extent "yes". As you noted there are always some exceptions. However, its a tough business and being able to survive and thrive in it for a number of years. They are not as common now, but I'd say that even guys that were "career jobbers" back in the day - (Like Iron Mike Sharpe) got a certain degree of respect just for the length of their career.