That doesn't make sense. The fact that knowledge about these effects being minimal by people writing guides with a number of glaring inaccuracies that were commonly just copy pasted from other guides doesn't mean you "can't go wrong". To me, that means completely the opposite, you can go wrong very quickly and easily when dealing with these questions.
Not to mention the only reference you have that's actually dated 2000, is the one that doesn't say anything about it's number of targets and only addresses the resist rate issue, which I still infact believe is the only issue that is has any validity to to the claim that it is over powered.
Anyways, like I said, here is the original song listing this whole thing seems to stem from:
http://web.archive.org/web/200104211...gs.asp?song=15
Right off the bat you have someone saying that the entry is wrong, and if you go further in the timeline for that site you get more people saying that it is in fact wrong and they are able to mes more than 4 targets.
You're disregarding the entries (EDIT: to be fair, just haven't seen them, sorry) that don't support your theory in and saying the ones that do support it are the only ones that are correct without really giving a good reason. Hell, the last link you provided it just a straight word for word copy and said as much.
EDIT: Just wanted to add that I'm not trying to be argumentitive, but trying to nail down what this song actually was during this time period is like trying to nail jello to a wall =X