I don't know how very early rules would have handled this situation, but rules at that time were a total mess anyway. But even the Alpha rulebook says that you may play instants and interrupts "at any time" so one might assume this includes the discard phase or the end phase (which are also listed in the
original rulebook).
Under 5th Edition rules, the last chance an opponent would normally have to play something was during your (now deprecated) discard phase. If you had entered your discard phase, there is no provision for backing up to your main phase. I think the confusion may have come from the non-active player basically failing to indicate that the spell was being played during the discard phase, and the active player then assuming it was played during their main phase. This would allow the active player to perform any of the actions that were then permissible during the main phase (play a land, cast spells, declare an attack). So I don't think the rules ever strictly permitted the action you are describing, but they did engender misunderstanding.
Sixth Edition rules (which were around, incidentally, in Urza block when you left) changed this kind of mistaken player interaction in 2 ways. First, by simplifying the turn structure, it became clearer to players when spells were being played. Today, most players will say "during end of turn", or something to that effect when playing something at the end of the opponent's turn. This is a lot more natural than saying "during your discard phase", since most of the time a player wasn't discarding any cards. Second, the adoption of the "First Main / Combat / Second Main" structure makes it clear that when you declare your turn over, you are giving up the opportunity for an attack.
I don't know the official DCI policy for this, but in my experience, if you draw your card and immediately say "Go", you are declaring your intent to finish the turn. If your opponent wants to back you up to your draw step, first main, combat, or second main, they can do so. But if they play an instant at that point, and you Mana Drain it, I don't think you could successfully argue that they played the spell during (say) your First Main phase, so you could use the Mana Drain mana during your Second Main Phase. (There's a great article at
starcitygames that addresses the issue of playing against Mana Drain, and notice how which phase you are in becomes very important.)