The move is possible and done every day in Aces High, probably by folks who don't even realize it. Chop throttle, pull up, kick rudder, bring nose over and down and to the side.
Dogfights did not accurately represent the move properly and hence the confusion. They had the 51 "spin" around far too quickly. I think the actual real move in question was completed a little slower but with the same effect – I also agree, the chap describing it probably knows what he’s talking about, old or not.