Kim: If the inner limit screw is properly adjusted, the derailleur won't go further than limited by that screw, so only to the inside cog.
OTOH, regular movement rds can be fudged if a cable breaks by screwing in the outer limit screw to hold the chain on the cog of your choice; or at least, on one of the bigger ones.
I recall the Cyclo Benelux rd that I accidentally stumbled on in my pure ignorance and naivete when I was overhauling a late '60s or very, very early '70s Varsity -- I fudged 2 cogs on the driver of an AW 3 speed hub and, thinking that the OEM Alvit was broken (the skipping was, in retrospect, probabably due simply to a bad chain), I looked around locally for a rd, these being rarae aves indeed, and somehow found this relic of the 1950s. It was a true low-normal, in that in place of a parallelogram, there was a push/pull rod holding the cage at the end, with a pull chain at the other end to which the shift cable attached. A helicoidal spring provided tension both to cage and rod. If you let it go -- say, if your cable snapped -- there was no limit screw and the thing would boink into the spokes.
But for 2 cogs, 16 and 18 (the 18 t reversed on the driver, the 16 dished outward as per spec, left no room for the circlip, so I had a fundi tack weld the 16 in place (squatting on the porch of his single-car-garage workshop). Long-term replacement didn't figure in to my plans, as back in those salad days I thought chains and cogs and brake blocks were all part of the fundamental, permanent infrastructure of the bike, like the frame.
Come to think of it, even the AW was exotic at that time and place, and I found mine at a local flea market, so perhaps I found the Cyclo there too, flotsam cast overboard from the wreck of the British empire (Kenya had gained independence only 3 years before we arrived) by some long-departed representative of the Raj.
Riv content: I think Rivendell should re-make a Silver version of this rear derailleur, and reproduce straight-teeth 4 speed freewheels. Combine it with zip-tie fastenings and twine accents for the new "RetroRiv" grouppo.