I'm in a similar position, having left the UK in 1984. My UK driving licence is one of the old-style green paper licences and has my last UK address on it.
Last year, I considered applying for the new photo card licences and using my mother's UK address. When I got the application form, I saw that it is an offence to make a false declaration on the application, so applying for a licence and using my mother's address would be an offence.
As far as I am aware, my UK licence is still valid, albeit the address is no longer current. I have quoted the UK driving licence details for my UK vehicle insurance (for my UK registered Land Rover). Otherwise, I use my Bermuda driving licence.
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2014 overland adventure to Russia and Central Asia in Land Rover Defender www.bermudarover.com
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