It seems to me like applying a Code that's 50 years newer than the installation is not that much different than applying a Code that's 50 years older than the installation.
Does it meet 1905 Code?
Actually, in one important respect, this installation does not meet 1905 Code, because the neutrals aren't fused.
I don't have a 1905 Codebook, although I do have a fairly detailed textbook from 1908 that gives a good idea of the NEC at that time. (I do have a 1923 NEC.)
I think it's fairly safe to assume that terminating branch circuit conductors on the line side of the service disconnecting means (and of any overcurrent protection whatsoever) has always
been a violation. The same seems to be true of flexible cords used in place of a fixed wiring method.
If you want to go back before the 1897 NEC (the first edition ever), Edison installed fuse wire on each conductor of ceiling rosettes to protect the pendant cord. I don't know when this requirement was dropped, but by 1908 it was actually forbidden, as melting fuse wire was known to have started a few fires.
That and fused neutrals! They sure were serious about overcurrent protection in those days!