I don't think we should settle until the Time Vault errata is easy enough for the average player to understand after one read. That's not going to happen with the current errata - that "begin the turn" clause is bizarre. I don't understand why they couldn't have just templated Time Vault like Mana Vault.
I'd say the unfortunate (though not very important) thing, if you want cards to work like they did in 1993, is that Mana Vault can't be templated like Time Vault without making it messier. As mentioned above, what happened then was that you applied the effect as you were about to untap. At the start of your turn, you could choose to skip the whole turn to untap your Time Vault. You can see why it worked this way: the untap option is worded as a clarification about what you need to do if you want to avoid the "doesn't untap normally." Let's not forget that there was very little rigor in the rules in those days. Hell, for a while we played Wall of Water and Wall of Fire as if the +1/+0 was permanent, because the ones we had (Revised) didn't say whether it went away at the end of the turn. They got huge!
At a glance, it seems like you might get a free untap, but that presumes that somehow you untap everything else before you make the choice about Time Vault, and you'd be regarded as a pretty dubious player if you tried to argue that. What happens when you skip your turn at the exact same time as you're trying to untap? The common sense of the time said you didn't untap. Oddly enough, as far as I know, the opposite was true for Mana Vault, because why wouldn't you be able to tap the lands you're untapping to help untap the Mana Vault? The turn's not over, so they would have untapped.
With the current Oracle wording, Time Vault now works the way it was (sensibly) interpreted when printed - and the original interpretation, while considered ban-worthy, was not considered to be inconsistent with the rules. I think that's as close as you can get to "original intent" without undue speculation and trusting fuzzy memories.