Time-based artifacting? I think you might not be aware that it's not necessary to have a time delay between frames (in fact, time delays and animations are actually a Netscape extension to the format!) In fact breaking a frame up into multiple pieces with different bounding boxes is a compression technique used to reduce the amount of zero bytes that need to be encoded/compressed. ImageMagick and gifsicle will do this.

If you set the delay between frames to 0 or 1 hundredths of a second, browsers will assume it's a mistake and bump it up, usually to 10. The fastest you can actually make the delay is 2/100 of a second. There's no way to have multiple frames show up simultaneously.

There was a true-colour GIF using more than 256 colours using this technique.

Sure. It works eventually, but it causes distortion as the frames layer over each other with very visible delays.