"Met code until 1996" I think is the key set of words. At one point, knob & tube wiring met code too... and there are plenty of homes still using it... but that doesn't mean it's still 100% safe, and it certainly doesn't mean you should install any new K&T wiring.
As I demonstrated with my 240VAC NEMA 5-15 example, above, it works as long as you're the one who deals with it. If you document it well, you reduce the risk but don't eliminate it, if someone else must deal with it. In some jurisdictions, just installing a new 10-30R or 10-50R is illegal, and you won't be able to sell your house until you remove it (as a non-permit, non-inspected install).
As for safety, at my great grandparents' house you learned pretty quickly not to touch the 1960's era (hot-hot-neutral) ungrounded oven and the stainless steel sink at the same time, since you'd get a "tickle" from it. I can tell you what I've learned over the years -- #1) people don't read labels, #2) electricity kills, and #3) just because it works doesn't mean it's safe.
Here's a final point to consider: if you live in an area where code is mandated / enforced, doing what you suggest may invalidate homeowner's insurance. If your home burns down, regardless of whether the hack caused it, the insurance company may be released from liability because you knowingly violated the currently-adopted version of the NEC in your jurisdiction and/or installed an improvement without permit and/or inspection. At a very minimum you might be forced to spend tens of thousands defending your position in court.
I can't stop anyone from doing it. I can even give my opinion on the best way to jerry-build something in a pinch. In this case, I'll just beg anyone reading this _not_ to engineer something this poorly when you're talking about these levels of current.