Ferret, the card existing to view is merely text and an image, and maybe some entry information so it shows up under the right search parameters. But other than that, those older cards don't exist.
Actually programming some of them would be a pain, especially going back and doing them all. It would be like doubling the size of MTGO's database, plus a little more. It'd be a huge undertaking. But, they could do it. Not like they haven't had to do psycho cards already.
The reason they don't? Greed. Why let the secondary market get any crazier, with dealers making even more of a profit? The way it is now, WotC controls the true supply side, and thus stand to make more money off the current setup.
As noble as we'd all like to pretend we are, we'd all make the same decision if we were in those WotC planning meetings.
Its still a mean choice. Mean, but profitable.