Lately I've happened to come across some references to decks predating the four-card rule, something that was touched on in this thread, although all I can find are anecdotes anyway, as thorough documentation from that time is understandably sparse. Some players have said that power rares were relatively cheap back then, which really seems kind of obvious and also not very helpful. It wouldn't be surprising that people could pick up Black Lotus for $10 or so at one point, but how many did anyone actually accrue? One of the only purported first-turn-kill decklists I've actually seen cited as having been from that time was mentioned by Stephen Menendian, and was very simple: ten copies each of Black Lotus, Wheel of Fortune, Channel, and Fireball. But he didn't say anything about it other than that it was representative of the "degenerate era" of tournament Magic. So I don't know exactly when this deck was supposed to have been piloted in a tournament or what the rest of the field might have been like. I do like his content and I'm fascinated by the game's history, but not enough to actually go through a paywall for more of this stuff, so that was all I saw.
If that's actually the kind of deck that marked the "degenerate era" and was the sort of thing Mark Rosewater was talking about, well yeah, it would do the trick. What's striking about it to me is actually how bad it is. For a similar amount of 1st Edition rares, I'm pretty confident that I could make a more consistent 40-card deck. Which raises the question I'll probably never actually see answered: What was the most consistent first-turn kill deck actually comprised of physical cards that would have been tournament legal at the time the deck existed? Not that it's actually relevant to everything, but at some point before the rules changed, there existed the "best deck ever." And it was probably something like this ChannelBall deck. Technically powerful because of the lack of deckbuilding restrictions, but actually pretty primitive.