GenB,
From my perspective, you've really highlighted a serious issue with this paragraph of Div. 1. Without rules, how exactly would you design a vessel and then have it stamped to Div. 1? My take on that would be that so long as the design margins in Div. 1 are respected, especially w.r.t. the allowable stresses, then ANY methodology _should_ be acceptable for Div. 1. We do this all the time with U-2(g)-type analyses such as nozzle load evaluations.
That said, even if you _could_ do it, the better/real question is _should_ you do it. Considering that the economical break-point is probably at a lower pressure anyway, why bother? And, considering the current price of steel, I suspect that the break-point that several suthors (I can't remember references off the top of my head, though) calculated, it likely even lower now.
That's a really wishy-washy answer, but it's the best I can do so early in the morning...