I'm with you until you get to the orange peel--the way I've always made an Old Fashioned stops with the sugar cube, bitters, a couple of drops of water and whiskey. That's the way I learned how to make it many moons ago, and that's how I make it for myself. I'm not adverse to dropping a cherry in it if that's how someone wants it, but my kids always eat all the ones I have in the fridge faster than I can replace them.
On the other hand, if I order a drink at a bar, I'm happy to see what the bartender comes up with. When I was younger, the bartenders at the places I usually went to were cantankerous old codgers with veiny noses and bloodshot eyes. They seemed like they'd been tending bar since the Great Depression and they poured heavy with no frills. Then, there was a time that I no longer want to remember when everything came out of a blender in strange colors. Now, they're either like mad scientists with bottle after bottle of herbal infusions, tanks of gas and cask aged cocktails, or they are twirling their waxed mustaches as if they are waiting for John L. Sullivan to stop in for a snort. Even so, I think it's pretty interesting to see the kinds of drinks that they serve. Definitely a greater level of attention to detail that I can remember in many years. The barista mentality has overtaken bartending and I think it's a good thing.
I agree that the orange twist is optional. That was the "formal" way the guys I learned from made it. But with these same guys in elk camp or at the fishing cabin, no one had an orange, so sugar, water, Angostura and whiskey was it. Did the job. Likewise, a cherry, whole, doesn't bother me. If I order an OF at a bar, it will generally have a cherry drowned in it, and that's fine. Just don't muddle it