Incorrect.
It's not a Z, but in warm weather I daily drive my '79 malibu with a spool (which is the same as a welded diff [locked axles]). "Timestamp" is just incorrect. It's not only done to drift. Like you say, its a cheap alternative to an LSD. I avoid driving in the rain, and SHARP corners like in a fuel station are annoying, and squeaky, but it's not the end of the world. I cannot speak from experience on the strength issue, but I can tell that on the street its FAR less dangerous than people make it out to be. Many many people speak from absolutely zero first hand expirence, like "timestamp", but rather word of mouth, and 'stories' they heard.