Biblical archeology is important because it answers skeptics who want physical proof for Biblical truth, however traditions are just that traditions that are not always based on facts. Jesus called those who put tradition above or equal with God's word hypocrites and whitewashed tombs.
As to Old Testament studies they are of extreme importance as the only way to fully understand the New Testament is to study and understand the Old. There are a plethora of false doctrines rampant in modern Christianity that fall apart like a house of cards when the Old Testament is used to understand New Testament teachings.
As I posted the location of the Garden of Eden is immaterial to our beliefs since it is not the Garden that is important it is the results of the behavior of two people who lived in the Garden and God's promise to Eve that are the focus of God's word.