Unfortunately there is not much knowledge about Jimmy Leeward here, by the comments posted. If you were to have known him, his age was only a number - if he wasn't more than fit to fly the aircraft, just as anyone else could, he would not have been, both under his own decision, and the decisions of the many that very strictly govern the races, and those who participate within them. Though obviously the media is going to latch onto that in a heart-beat, because without any confirmed answers, they can start implying their own.
All reports that I have heard, and could be understood by any person of true aviation knowledge, from those that saw the aircraft in its last minutes, point directly to mechanical failure, of some sort.
In anycase, this, as Witt has mentioned, is by far the biggest punch in the gut, after already having gone through one of the worst airshow/flying seasons in memory. As one person put it on one of the warbird forums, it will be a miracle if the Reno air races are ever held again - and at a time like this, I can't say that would be a bad thing, in my own personal opinion, but that has nothing to do with the quality of the people involved.
My thoughts and feelings go out to so many.