Yes, the locomotive rules were old and outdated at the time of the Gettysburg failure. It was not a boiler explosion because the crown sheet ripped, allowing the water to escape and turn to steam. However, it was not an explosion which would have separated the boiler and firebox from the engine and frame and sent the crew to glory. The difference was caused by the Canadian design of firebox stays, which created greater strength than the US standards.
The new FRA Part 230 requires every steam locomotive operated by most musuem and tourist lines to have an ultrasound map of the boiler shell made, the stress ratings recalculated by an updated formula, and either repairs made to bring them up to standard or working pressures reduced to be within the strength of the boiler.
You can never prevent someone from taking short cuts or being stupid. I have run dangerously low on water a couple of times through unusual circumstances and it scares the hell of me. I love running steam but I don't want to be flying through the air because of carelessness. As was stated elsewhere in this thread, the biggest problem is not the equipment, it's the maintenance and operating abilities of the people using it.