bk, there was a one performance musical fiasco in this century. The name escapes me, but it played Circle in the Square, came in from Washington D.C. and featured five or six guys. It was panned and vanished overnight. (Sometimes good taste prevails.)
But you are right, in the Golden Age a lousy or truly mediocre musical that was dismissed by the critics was gone by the weekend or after opening night, I.e. Kelly, The Yearling, A Broadway Musical, Cafe Crown, Portofino, LaStrada, The Fig Leaves are Falling, Frank Merriwell, etc., or some even shuttered during previews, One Night Stand and Breakfast at Tiffany's. And most of these have far better scores than shows that run for years today in spite of awful reviews.