I thought about this problem quite a lot because I experienced the very same thing in my semi-historical sims. To me, the biggest issue is that players will retire much later than they should because AFAIK
the loss of ratings is very important for the "decision" of a given player to retire or not. To play with "retire according to history" on is not an option for me because I like to see how several "what if"-scenarios play out (Joe Jackson playing beyond 1919 is one of the most prominent examples).
I am currently experimenting with a very low development modifier (to keep cup-of-coffee-guys from having HOF careers) and a reduced aging modifier (I don't want ratings to decrease during a season to keep them closer to their RL stats, but I definitely want to see this after the season for guys without recalc data available).
However, the best solution would be if Markus could give us an option to keep development off, but having the modifiers (especially aging modifiers)work if there is no data for recalc for a given player in a league with recalc on. It doesn't even have to be optional for me, I personally would be fine if OOTP would do this automatically.