Actually WCW had a pretty stern set of rules brought over from the NWA for many years. It wasn't until later when they changed them up.
As for disqualification you are correct, it shouldn't have been a DQ unless their was actual contact.
And I do remember that match. His reign was so important in the history of WCW! :
Well yeah, up until around '96 when things got sent into tail spin. I believe Luger won the title in '98 right? Yeah, it was pretty much 'anything goes' by that point.
A shade of things to come I guess...