T-Hawk is of course correct. Tech devaluization has been changed since those early days, and there's no way to mod that with the game editor. I'm not even sure I would want to if I could, since the current system works much better than what existed back then. In any case, I'm not looking to do an exact recreation of the old Deity, just trying to give players who never experienced it a feel of what it was like "back in the day." Simply decreasing the costs of the techs should hopefully be enough to accomplish that.
Keep in mind that a faster game is by all means a much more difficult one. The Deity AI starts out with massive advantages, so the longer the game lasts, the more of a chance the player has to survive and prosper. To cite one case in particular, I was struck by how easily a number of players in the recent "Mystery Meatloaf" Epic 26 game were able to catch up to the AI civs. Many of the games lasted beyond 1700AD, some even well beyond 1800AD! With so many turns going by, there was ample room to catch up from that horrible barb-infested start.
Now compare that to the situation in Epic 4, with similar barb problems but a tech progression on serious roids. I managed to catch up in tech, but still lost the UN to an AI civ because I physically could NOT accumulate the shields to build it in time. I built a factory and power plant in one of my core cities as soon as I discovered Industrialization, and then went immediately onto a prebuild for the wonder. It was not fast enough. Let me emphasize that again: the Industrial Age went so fast, I could not set up a proper prebuild in time to get the wonder. The AI civs started building the wonder in 870AD and finished it in 970AD. I won by spaceship in 1250AD, and even that date was put to shame by J-J's 1090AD launch and Sirian's incredible 750AD (!!!) diplo victory.
The faster speed changes everything. Keep in mind often these games would hit the Industrial Age around 10AD - frequently when the landgrab phase was still going on. You would get these weird situations as a result of the insane tech pace, with a typical build sequence in a new city going warrior-courthouse-FACTORY. No joke. And how can you use the mass upgrade tactic of warriors -> swords if by the time you're ready to attack (say, 700BC) all the AI civs have muskets already? That was very typical back then.
So in short, the tech devalues differently now but winning should still be rather challenging. It will be interesting to see how the changes in the PTW AI will compare to the Deity AI in older patches. I'm thinking for civ choice we want a definite builder civ; warfare at all before the Industrial Age is simply an enormous gambit with this tech speed. And with tech so cheap, it really is better to buy it than fight for it - you just get left in the dust if you build too much military. I'm thinking a large map (needs to be to get the real feel of the tech pace), 70% water continents, standard 11 number of opponents (should provide some brokering opportunities), and a civ like France/India/Greece/Korea for our use. Of course we could go in a different direction too, if that's what everyone wants.

I'd like to get a little more feedback here before opening up a separate thread. Thanks for the input that's been posted so far already! (and the comments from those hardy souls who have been there before)
EDIT: Speaker, I like your idea a good deal. Shaitan did something like this a while ago in the Stories and Tales Forum, let me see if I can drag up the link... Found it!
http://forums.civfanatics.com/showthread.php?s=&threadid=17648
You might want to take a look at what he did in this thread (essentially polling the audience for what actions to take, then playing it out and writing it as a story) to see if it gives you some ideas.
