You might argue that it's redundant, and therefore not good style, but as a matter of grammar, it's perfectly correct English.
I don't mind it at all - it's another cue to the person reading what it means. Redundancy can be reinforcing. You can't "edit" an account that doesn't exist yet, but we also see "Edit existing account" along with "Create new account." Likewise for "Delete."
As for creating something old, I imagine one way to do that would be to recreate something. You might also create something that is designed to look old, or something that is an old syle, for example.