Yes, Snarf ended the original post right before things got interesting.
Aging penalties were one of those old school things that Gary thought "balanced" things out but really didn't work in practice. It seems to have been more of a psychological deterrent to the players than anything else, so the balance was about making a choice as unpalatable as possible instead of, oh I don't know nerfing the effect or making it a higher level. Plus what difference is aging going to make if the PC dies of any number of adventuring causes before reaching maximum age? They still get the benefit of the effect while the penalty from aging ends up being irrelevant.
And Classic D&D didn't bother with the aging either. Did it break the game there? The biggest difference is that Classic doesn't get into the 3/2 attacks nonsense.
The 3/2 attack routine is another one of those unnecessary AD&D complications. I just switched to whole attacks as warriors level up, so it's 2 attacks at level 7 and 3 at 13. And I ignore haste aging. So yeah, the fighters are cranking out 4 attacks a round under haste, but why should that concern me when the wizard is dropping ice storms and cloudkills all over the place?
So ... I thought I should substantively respond to this.
First, I will respond in terms of 1e (pre-UA). UA and 2e obviously made things different.
I agree about Gygax and balancing, and I've written (and written, and written, and written) about the many ways that Gygaxian gatekeeping and balancing doesn't work. Whether it's gating awesome abilities by giving them unplayable side-effects or requiring crazy high scores, or trying to enforce weird and draconian penalties.
It either leads to cheating ("Yeah, I totally rolled that 17 charisma, again, when you weren't looking!") or people ignoring the rules (level limits, elves and resurrections, etc.) or, if strictly enforced, people just not using those options.
That said, I disagree with the last part for two reasons. First, spellcasting was a lot more ... fraught ... in 1e than later. Magic users were not usually dropping spells all over the place. More importantly, haste was an incredibly spell (as it should be, since it was third level ....
FIREBALL!).
Even a fifth level MU could likely haste all the party members (one per level of the caster) when the spell was cast. At higher levels, you could have a whole bunch of hirelings and henchmen as well. And it lasted for at least 8 rounds (3 rounds + 1 per level).
....that's a lot of attacks. And fighters did a lot of damage back then, what with the percentile strength (when they had it) and the magic weapons, and all that. Monsters weren't exactly bags o' hit points.
I don't think that your house rule re: attacks is bad, per se, especially seeing what happened with weapon specialization in UA and 2e, but in my experience fighters did just fine in 1e.