I attended a chaos draft recently--my first one!--that included a wide range of packs going as far back as Alliances, and this is the deck I came up with. It's nothing amazing, but it was a pretty interesting event so I thought I'd save it here.
As someone mentioned during the draft, when you're staring down multiple boosters from 20+ years ago, it's easy to imagine all the broken, they-don't-make-'em-like-that-anymore cards you might open, but in truth most older cards are not particularly good. Alliances has a lot more Storm Crow than it does Force of Will, after all. And without much in the way of synergy across 24 separate sets, you're mostly just trying to cobble together a straightforward deck out of vaguely playable creatures and removal, and maybe some weird bomb or two. I actually enjoy this--I did play back in the 90s, and I find simple jank to be nostalgic--though I probably wouldn't want to do it too often.
I ended up with kind of a slow burn deck that aims to be hard to attack into--pretty easy in a "format" without much good evasion--while removing enemy creatures, attacking where I can, and hopefully finishing things off with a Lava Axe or the like. I had excellent results slowing combat to a halt, but a harder time actually getting damage through after that, and ended up with one win, one loss, and one draw. Scrounger of Souls was the closest thing I had a to a bomb, as the lifelink tended to tilt combat math significantly in my favor. Pumpable creatures like Cinder Shade, Cavern Crawler, and even Flowstone Wall also made some hard decisions for my opponents. I probably could have used some stronger win conditions, but I was working with what I had.
I don't normally bother specifying exact printings for the cards in my deck lists, but I did here, just to capture the range of sets it pulls from. My boosters were Visions, Ixalan, and Modern Horizons, but you can see everything by switching the deck view to group by Specified Set.