I agree with most of what you’ve written there, apart from, crucially perhaps: ‘irrespective of the spend’.
As with football now, as was then, the ‘spend’ is crucial as is its timing.
Perhaps you’ve done a deeper study of expenditure in that division over that decade and are well placed to assess, but from what I recall, it was the same topsy turvy division as usual where a whole number of clubs are on the brink/breadline/decline.
In my opinion, Joyce did very well, but was also set against a mini league of poor clubs who did not, as far as I remember, have the funds we had to strengthen when we did.
Again, subject to my memory, the revival started a month or so after Joyce took over (after the spend). We beat Rotherham with Brabin with a goal from Bonner (another new, albeit short lived due to injury in that game, signing). We beat Brenford, who were the big spenders, but we also beat them after we’d spent (Alcide got at least 1 that day).
I’m not trying to sound revisionist either: I felt the same then, was grateful and as stated Joyce bought perfectly for the situation – not all managers do.
It also must be said, that that season provided the first real enjoyment since 94/95 (Dolan’s final Play Off push) so, I’ll always value WJ appropriately.