Now, I figured this was probably a hoax, but what the hell, it would only take a few minutes to test. So I followed the steps in BSNES, flew to the island, saved the game, soft reset, boss fight, soft reset. Well, when I went to load the save game, all I got was a black screen and a lock up (like was mentioned in the guide.) I guess the timing on the soft reset is important after all. So I did a hard reset and loaded the save file. Still a black screen. Did a complete shut down and restart, still black.Fly to the ice country on Flammie and look for a small circular island off the immediate coast (trial and error are best here, but its NOT those little itty bitty ice chunks everywhere). You'll know its the right island if you are in a frozen grove with Neko surrounded by purple crystals (this looks like the same area you may encounter Neko on the way to the Ice Palace to fight Frost Gigas).
After that, Save the Game with Neko.
Immediately after, do a soft reset (L + R + Select + Start).
Start a New Game, and get to the Mantis Ant fighting as few (i.e. none) Rabites as possible. When you and Elliot take a dive into the pit, wait for him to say "You've got a sword don't you, use it!"
WHILE THIS TEXT IS ON THE SCREEN, perform another soft reset. BE SURE TO HOLD THOSE FOUR BUTTONS FOR 5+ SECONDS. I don't know why those 5+ seconds are required, but they are.
When you get back to the title screen, load the game you saved with Neko in the Ice Country. If you did the trick correctly, all three of your characters will be in the pit fighting the Mantis Ant! (If you did it wrong, you'll stare at a blank black screen and the game will freeze) Kill the weak boss (took me one hit...), and collect your "1st" sword orb again. Jema will pull you out and Timmy will call you to the elders house. Rather than risk a crash, call Flammie and high tail it to the nearest Watts location.
You now have the most broken weapon in Secret of Mana at your disposal, without needing to cast Mana Magic ever again.
Look like I managed to permanently corrupt my SRAM. I'm more curious than annoyed, being that I can't imagine how this glitch works. In the future when I'm working with game breaking bugs I'll make a backup of my srm file. Oh, also something strange, I went to try loading the save file in ZSNES 151, but it doesn't recognize the srm file. I checked the paths a few times and it isn't seeing the file. My best guess is that it has something to do with the IPS patching behavior (this is a retranslated rom.)
*Edit* Woo, lurker status. Damn straight, I've been lurking for three years now.