4.8 on its own isn't enough, its also the dip in voltage cause by the higher than normal impedance of the connectors spiking it even lower. Now you most likely have a nice 'clean' 4.8v.

I thought 4.8 was the low end threshold. Even at that, most problems were not from being at the threshold but by spiking below.

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Or, just fix it right. If your car radio stopped working do you start driving with a boom box on the front seat?

If you wanted to get rid of a 20 year old circuit, just swap the power supply with an Xpin. HOWEVER, in the end you never troubleshot the problem so you have no idea it it will return. This could be a simple case of a dirty Z connector which is why you use the wiki and fix it right.

Slapping a switcher in as a bypass is fine if your an operator trying to hack the machine to keep it running on location and bring in money without caring about any resale value of the machine.