You're badly mistaken. Although nobody succeeded in obtaining the emission line frequencies of gases out of the classical EM theory, the theory did correctly give other results consistent with observations. One of them is the formula for emission intensity that connects energy radiated with second derivative of electric moment; it goes back to Larmor's work. This was the result the new theory would preferably reproduce or at least be consistent with. Wave mechanics wasn't consistent with it - the hydrogen atom oscillates indefinitely in wave mechanics. Schroedinger himself viewed this as a deficiency and planned to get back to it - check the ending part of his seminal papers on wave mechanics. The classical formula is taught to this day both in macroscopic EM theory and quantum optics courses, although there are some deficiencies and problems about the formula that Larmor did not know.
> In the case of gravitational waves, we have a correct "old theory"--General Relativity--so any new theory that did not match that correct old theory would be a nonstarter.
I do not think any physics theory could even be "correct" in the sense of Platonic ideals, but I do not know what you mean by "correct". I do not claim a new theory could completely replace the old one before it could deliver the same or better results. I claim theory has value and is accepted based on its new benefits, not its superiority in every aspect the old theory was superior before. Calling incomplete theory non-starter makes no sense to me, as all theories, including General Relativity, are incomplete.