For the most part, the old school came at things from the endurance side. If you think about it, most incremental testing protocols start with very slow running speeds and bump up the speed, not visa versa, and much attention early on was paid to what predicts marathon performance. As long as they compared grandma's VO2 to an Olympic marathoner, it looked like oxygen delivery was the alpha and omega of distance running performance. Get that oxygen there and you are home free. Anaerobic became anaero-phobic for some, and in a way it was as if distances below the 3k/5k didn't exist.
Remember also that starting in mid 60's, up through the 80's there was much attention and debate about the "anaerobic" threshold, which of course turned out not to be anaerobic at all, not to be a threshold, not to be 4 mmol, and not to be a steady state. Ventilatory and lactate threshold were dissociated, and even worse, one fixed lactate value is about as good as another since the correlations turn out to be ~.98 or so. And worst of all, it turned out there is no steady state.
Eventually, scientists being scientists, the old ideas and orientations started getting knocked around pretty good -- as they should be. When Noakes and others pointed out that peak running velocity on a treadmill test was a much better predictor than any of the old school stuff, well that was pretty much the end of a paradigm. The v that tells you what's what in vV02peak is the little one, not the big one.
When you apply the old school paradigms to velocity-duration kinetics analysis for example, or the more current isolated muscle data on the cellular level, some real discrepancies pop up. Turned out the size principle wasn't even right, and FT muscle isnt so bad. The slow component of VO2 is also especially problematic since 1) it also has nothing to do with lactate and 2) it means more than one VO2peak pace. There was an effort to reconcile things somewhat with the critical velocity concept, but that turned out to be trouble too because CV turns out to be just about anything you want it to be, depending on how you look at it.
So here we are: you cannot read your vVO2peak from a formula given the wide individual variation. For one person it might be 3' pace and the other it might be 15' pace. My personal opinion is that what Daniels and others were calling VO2max pace 20+ years ago is the real critical velocity, the slowest speed that elicits 95-100% peak. What they called maximal lactate steady state is really just another asymptote in velocity-duration that corresponds roughly with 4 mmol velocity, but which is not 4mmol, can be higher or lower, and in reality is anything but a steady state.
If you are a runner or a coach you can let go of some of these old ideas and you'll be fine. You still want some volume, you still want frequency, you still want intensity, and you still want recovery. Bowerman was right, even when he was talking about raising chickens: you still have to find your own way. That could mean throwing away 98% of what you thought was right.