It doesn't get much more 'old skool' than this :)
Most of the Old School Party Flyers were Designed By Buddy Esquire and Phase 2. Phase 2 was a real big Aerosol Artist who wrote on allot of the NYC Trains who also did a majority of the Party Flyers back then. Buddy Esquire was a regular Artist who did allot of party flyers as well.
These Cats Worked on big Art tables and had all the tools to make these flyers by hand including those Rub on Letters, wax Machines, exacto knives, Graph Paper and many other tools that are extinct today in the modern artwork world.
Original Source: http://toledohiphop.org/images/old_school_source_code/