Apparently this IS street legal. As a professional game designer, this is extremely disturbing. I pulled out the LoZ ROM (PRG 0) just to make a recording on this, and apparently the only thing that the B Button cancels out on is Enemy Bait. I could've sworn that they cancelled each other out, or that's true only in later versions (like PRG 1 and stuff), but I don't have a save file to go testing that out at the moment or have time to do it this weekend, but according to PRG 0, it is very scarily street legal that you can overlap weapons.
I withdraw my complaint then, since PRG 0 is the tournament standard. If something comes up on PRG 1 or some other version I'll post it.
Sorry.
-James