If you get a NON O based on being over 50, it is usually required to get a one year extension of stay based on the same reason first. After that, you can usually change the reason for your extension of stay based on being over 50. Visit your local office well beforehand and tell them your intention to make sure you prepare everything they require ahead of time.
You need a new passport. Although it seems not to be an official rule, you will have issues while trying to return to Thailand with less than 6 months on your passport. I experienced this myself in the past.
Just carry both passports until the visa expires. A visa is still valid in an expired passport, but can't be transferred. Then when you get an extension of stay, you can get it inked into the new passport.