Obryn
Hero
The thing with weapon speed is that (for 1e anyway) it's often used wrong. It doesn't actually affect your initiative roll; it lets you make multiple attacks against someone with a slow weapon when your initiative is tied. Weird, I know, but...It was interesting to look at and discuss, but I even emailed a few friends that were long-time gamers and they don't remember using weapons vs AC tables in 1E, either. I remember using weapon speed through 1E and 2E. I thought that should have been brought forward to 3E and 4E, though simplified to light weapons being a +2 to initiative and heavy ones being a -2 (and, maybe similar to certain spells being +2/-2)
When I ran near-RAW 1e a few years back, I used the Weapon vs. AC tables. The main thing to keep in mind is that they're only for armored creatures that are basically humanoids; you don't use them for dragons/owlbears/etc. It can be a cumbersome system if you've got a mixed-armor group of enemies, but by and large it's not really all that bad. It's certainly still easier than most of 3e or 4e combat.

Is main selling point is how it ensures there's a reason to use weapons other than the ones with the best damage dice. At least in theory. In practice, since it doesn't help with monsters, you're better off going with big numbers. And since two-handed swords are almost universally the best against anything...
-O