Believe it or not, I maintain there's some things 3e largely got right.
Some of the things in the 1e modules probably couldn't be reverse engineered by God. That said, for most of 'em I can usually come up with something if I have to.
That pool, for example. If someone wanted to make one of those in my game it'd probably be based around adding a vial of any liquid found on and brought from the Elemental Plane of Chaos* (to provide the randomness) to a pool of clear water blessed by a Chaotic deity, then casting a ceremonial
Bladethirst spell on it (ideally this is cast by a Cleric to the same deity who blessed the water) followed quickly by a
Permanency spell from anyone. Most if not all of the item's monetary costs would go into a sacrifice to the deity who blesses the pool.
So that boils down to two spells, a blessing (or consecration?), some exotic material, and some money or goods for the sacrifice. Pretty straightforward stuff, really.
* - or the Dragonlance equivalent, given as this is a Dragonlance-setting pool.