Ill catch you next time if you make it out of the House alive, of course
Look at he text, I bolded and enlarged the keyword: Equipped creature has ", : This creature deals 1 damage to target creature or player" and "Whenever a creature is put into a graveyard from the battlefield, untap this creature." While the staff does give both abilitys they are actually independent of each other, evidenced by the quotation marks surronding both phrases, if they relyed on each other they would be in quotion marks together
That might explain how this prejudice enchantment slipped by, but it doesnt justify leaving it in circulation for over two decades
But the real value comes from the reprints
Farhaven Elf + Wood Elves Wood Elves is generally better than Farhaven Elf, since it can fetch nonbasics and even puts lands into play untapped
This doesnt count as your Free Roll for the turn