Kapitan M.
Your describing the story told by the Prince as a "cowboy operation" clearly illustrates the you have no knowledge of the history of aviation, or more probably no interest.
You are quite correct in your statement that today's regulators would not allow such operations, however, had not the pioneers. the Prince among them, not achieved what they did, with the aircraft and facilities available to them, you would not be flying in your shiny glass cockpit today.