It could help merely from the standpoint of the string has probably stretched a lot, allowing the cam to get out of synch. Mathews punches a couple small holes in their cams, and if you drew an imaginary line through these holes, it should be parallel to the string. If it's not, some tweaking needs to be done to get it back right.

Regardless, after three years I think I would replace it. If you want to see some of the newer color combos that are possible out there, go to www.vaportrailarchery.com/strings.asp. They also make an exceptionally high-quality string for a fair price.