I agree with your understanding of the rule.It looks to me that going into revolt (we have the Pyramids, so probably Police State) towards the end might well allow us either to research HBR and get a few extra units in play or just to upgrade more archers. That could make the difference. My understanding is not the same as SCT's. I believe that it was ruled an exploit when a technique was used to remain in revolt for a large percentage of turns. I think we might even want to get a ruling on this from the moderators.
The ruling is in this post.
This is what it says:
"Perpetual Anarchy: DISALLOWED: It is possible to operate in a near-perpetual state of anarchy to prevent losing units due to going broke with high maintenance costs. By revolting to anarchy, and ensuring that the anachy is a minimum of four turns, no units will be disbanded due to lack of maintenance funds during the anarchy period. On exiting anarchy, there is a one-turn grace period in which no units will be disbanded - long enough to produce more units from forest chops (that get stored-up in the production box during anarchy) and then revolt again. This is considered exploitive.
Playing Guideline: You are allowed to revolt however frequently you like, provided you can pay for your units! If you cannot afford your unit upkeep, you may not revolt until at least four turns* after then end of the last anarchy period.
*This period may be reviewed."
Even if we cannot afford our units, there are still periods where we may revolt. It seems to me it is using Anarchy in a continuous nature to avoid losing your units, that is banned. One, well timed, anarchy to change governments should not be considered an exploit.
EDIT - If we think this interpretation is incorrect, please let me know and I will contact AlanH or Gyathaar via PM to request a ruling.