I was partially mistaken there. It has been so long since I've seen a DM use the unaltered form of Identify, I'd forgotten it was like that. Most use a less harsh version of the spell that was in an old edition of Dragon magazine. As for the Cloak of Poisonousness, that is such a rare item that in 15 years of playing first edition, and scores of modules I have read, I have never seen it mentioned or put into use.
Of course, you are neglecting to notice that the Identify spell, as I pointed out, is just one way of many to figure out the properties of a magic item.