The heat could degrade the electrolytic capacitors, so yes, possibly.
On this image of the back of the new model power regulator board you can see the revision model DC CONV2 DMG:
This board SHOULD not have overheating problems, by all accounts. The older power regulator board, the DC CONVERTER DMG, has, I understand, a tendency to heat up.
You can check the board type without removing from the shell by checking how many black barrel caps the board has - the new one has three, the old one has only one.
Alternatively, you can check the CPU revision type of your DMG. Ifor you peek through the hole the push tab of your battery cover goes through, you can see the text "DMG-CPU-0x", where"x"is a digit from 1 to 8.
The CPU revision for the DMG in the picture is a 06, and has the old style board. The 07 and 08 revision should have the new board (with less chance of heat buildup).