I still think Toei went with 4kids cause of their guarantee to get it on TV and they made blockbuster hits with Pokemon and yugioh.It's not "absurd" at all considering how little respect Toei have for their own franchises, so I can absolutely believe they wouldn't have a problem letting it get butchered for network TV out of desperation to have another US hit like DBZ.
Also that explanation didn't come from 4Kids themselves, rather it came from other people online who had heard things through the grapevine, 4Kids never did a PR press release saying any of this, I heard it secondhand.
People just have such an insane hatred for 4Kids that they want to believe every single bad thing they hear about them no matter how little sense it makes.
I heard about Toei being put off Funimation and choosing 4Kids instead from DBZ Uncensored 2: https://web.archive.org/web/2008112...on.com/dbzuncensored2/editorial/onepiece.html