Just for funsies: a cousin comment to yours argues that the actual hockey stick issue is that they're no longer sticks if you extend them past 500 years ago. This doesn't jive at all with what your analysis would suggest: if there's no power above noise provided by the proxies, then wouldn't we expect the shafts to be infinitely long?
The reconstructions by proxy referred to by gd1 leads to a hockey stick as far as back as you can go. Expect of course were there is very sparse proxy data at which point the trends will be completely random.
The cousin refers to the obvious long-term temperature variability. Nobody doubts the major ice ages. But the long-term reconstructions use very different techniques.
Of course you don't have to take my word for all this, thanks to Climategate we have all the behind-the-scenes dirty laundry:
http://foia2011.org/index.php?id=4191
Here Rob Wilson does just the test I'm describing and seems a little concerned about the results.