I am quite sure some technics sets from the 1990s had at least two builds with them. Fondly remember a similar thing you described to three in one, smaller set for a motorcycle that could be other things and my cousin having an absolutely huge crane truck set that could be something else.
edit nevermind I can't find anything on the second one, maybe my cousin combined two or more sets to build something custom but it speaks to other points about parts being more universal in the past.
They almost all had alternate builds. I believe for Technic it was near 100% of all sets.
Unfortunately ended this somewhere around 2014 it looks like.
https://www.youtube.com/watch?v=HIQfL4hKuhE