Titebond and the like are great for new work, but don't always adhere well in repair work, and they're very poor at filling gaps, which are hard to eliminate when repairing an old piece, especially if the damage itself is old.
For old wood... an epoxy that's made to adhere to it is the best bet. If you can find it, G2, made by a Canadian company called Industrial Formulators, is excellent, and not finicky about the exact mixing ratio (in fact, it's designed so you can vary it depending on how hard you want the epoxy to cure). Otherwise, get System Three, available at most woodworking specialty stores -- Woodcraft and the like. It's good to mix in some wood flour or sanding dust (if you only ever use your shop vac for sawdust, just scrape some of the fine stuff off the filter) -- mixing in some wood flour lets you control the viscosity, fills gaps better, and seems to make the repair stronger.
And epoxies don't dry out. Sometimes the resin turns white and semi-solid, but that's just reversible crystallization; set the bottle in warm water for a while, and it'll go right back to being a clear liquid, good as new.
Gorilla Glue is vile stuff, IMHO. I'd never use it on anything I cared about... :barf: