Interesting read, out of the two the latter "Majestic Wilderness" sounds like a better product.
The first "Weird Tales" game sounds interesting for those who want a set of mechanics that encourages one dimensional characters and very close teamwork (for GMs tired of characters running off as one man shows too often), as a "Weird Tales" game it sounds absolutly awful and going by those mechanics like it was created by someone who has never actually read the vintage stories he claims he's basing the game on, but has only heard about them.
I say this not to be mean (as I am often accused of hating things for the sake of hating them) but as someone who has in the past lectured players specifically that their characters are not Conan, or whatever vintage fantasy hero might come to mind, specifically because of team based play.
See, most of the "Weird Tales" type characters were not hyper-specialized, but polymaths. Oh sure, you can find exceptions, but the fighter and thief were more or less interchangable. Conan, Fafhrd, and The Gray Mouser to look at some of the iconic characters of the period had all of the talents of both of those traditiona roles. The Mouser and Fafrd also both possessed magic (Fafrd was a Skald even though his powers were usually understated, and The Mouser was at one point apprenticed to a wizard and both understood magic and could use it to a limited degree). As the very old "Deities and Demigods" books and indeed the AD&D "Lankhmar" supplements also point out, these characters were also typically perfect, rarely having an attribute below 16. All of them were strong, fast, durable, smart, and absolute lady killers. It's also noteworthy that most of the other characters that grouped with them (they had various companions in differant stories) were usually just as uber in their own way, even if they wound up coming to a bad end.
I would say that for the most part such "vintage fantasy" stories would involve creating small teams (4 players or so) of incredibly skilled polymath characters, and then ultimatly pitting them up against something equally disgusting. Winding up in battle against a god (or something viewed as a god) wasn't all that uncommon. I remember one of Fritz Leiber's stories where our heroes went to rob a house, only to find out that the entire house was alive (as in animated) and was basically trying to crush them with it's internal walls, and then using it's outer towers like clubs to flatten them (they kill it by eventually pulling out the gem... the rumored treasure... which was it's heart). Stuff like that is why it's "wierd tales" they get absolutly borked at times.
When it comes to wizards, or priests (the distinction can be greatly blurred in these stories) it is true that these guys rarely throw fireballs and such, but then again they rarely need to bother because they can incinerate people by looking at them. They can also be borderline unkillable because "oh gee, I left my soul stored in a container on the other side of the world, how inconveinent for you..." or some other device. While the stereotype has the vintage barbarian hero wandering around decapitating wizards with ease, typically winning came down to luck, a massive gimmick, or just as frequently running away or pitting them against another wizard or supernatural creature of equal stature. For the most part characters like Conan survived because they didn't go wandering up to the uber wizard head on... and when they wound up doing that (perhaps not knowing who they were facing) in true cinematic tradition the wizard would simply knock out our hero, and dump them in a dungeon
to be eaten by his favorite pet or whatever where they would inevitably escape or be rescued.
On the other hand, I do more or less agree with that take on magical items that are found within stories. Magic is typically portrayed as not being all that nice. The exception to this of course being magical items that are integral to the character, which is another aspect to look at. Most of Michael Moorcock's writings belong to his "Champion Eternal" cycle, without going into the analysis of the whole thing I will say that his protaganists inevitably wind up wielding at least one magical item (a guise of the black sword) which is entirely beneficial as long as they do whatever "The Lords Of The Higher Worlds" dictate. People are typically only familiar with Elric and think of "Stormbringer" as what an evil, cursed, sword should be, but miss the point entirely that through that entire series Elric is bucking his duty in the name of free will, and that's largely why it makes his life an abject misery.
Enough ranting, the bottom line is that I don't think the idea of highly limited characters really represents the atmosphere it's trying to go for. I think that genere is represented by going in the extreme opposite direction. While not everyone will agree, I'll point out that most attempts to stat out those kinds of characters have resulted in rule-bending polymaths with near perfect attributes.