What about OHRRPGCE? A mouthful I know.
http://rpg.hamsterrepublic.com/ohrrpgce/Main_Page
I used to use this waaaaaaaaaaaaaay back, like, when I was new to the whole game making malarkey and didn't have money. I remember loving it. It is a pretty old school RPG maker, I think I remember finding a Zelda clone made in it. It's also free. It was released back in 1997.
Or if you're looking at adventure games, one of my favourite indie games out there,
Primordia was made using
Adventure Game Studio.
If you're looking to spend money, if you can get your hands on the original The Games Factory or Multimedia Fusion, though I am sure the latest versions suffice, I've just not used them.

I had the original TGC and that only cost £20 back then.
They're a couple of 2 options. The original Dark Basic was mentioned, but is a good 2D and 3D tool for your old school needs and was designed to work on some pretty old systems. There's some pretty sweet things people have done with Dark Basic Classic, for example
Soul Hunter.