@Thrawn-
[Note: I'm getting my numbers off the assumption that a Hero garners an average of 81 gold coins per Quest in the Main System Quests. That number is based off of information from the
Quest 6- all gold stolen thread.]
You certainly have a good point about the limited appeal of the Broadsword. It does have two advantages, however. First, it's cheaper than a Battle Axe, so it can be put in to use in three or four Quests rather than the six Quests needed to fund the purchase of the Battle Axe. It would make more sense to purchase it if you used the half-price sell-back option found in the EQP and BQP rules. The net 125 gold coins spent on it on the way to a Battle Axe is more justified this way--a Battle Axe just takes four or five more Quests to purchase after the Broadsword (totally eight Quests for both weapons rather than six for just a Battle Axe). Meanwhile, fifty percent more kills can be achieved for two or three Quests before a Battle Axe could be purchased alone--life's a journey.
Delaying the purchase of a Battle Axe by two Quests gets you an extra Attack die two Quests earlier. It's at least an even trade, and with just a bit of Treasure deck luck (+10 gold coins over average), going with an intermediary Broadsword is even better by one Quest...assuming you sell back the Broadsword for half price.
It's other advantage--as with the Longsword--is that it can be used with a Shield while the Battle Axe may not. Being spared 1 in 3 hits is quite a boon that sometimes spells the difference between survival and beginning a new Hero while the others complete the Quest or retreat to the stairway. For that reason, some players prefer more security right after they buy the Helmet.
A Broadsword, Helmet, and Shield may all be purchased after seven Quests, while the Broadsword may be traded in for a Longsword after ten Quests. Directly purchasing a Longsword, Helmet, and Shield takes only Eight Quests. I'd agree with you that skipping a Broadsword in favor of saving just for a Longsword makes sense. The second advantage of the Broadsword really doesn't amount to much.
Aside from the sell back rule, other house ruling is possible. I agree that the Broadsword needs some polish. I'm working on an Armory system where certain weapons may be attributed an extra benefit when a Hero Point is spent. (Hero points are tied in with Body Points.) Ya know how the Barbarian always seems to be swinging his Broadsword with two hands in Hero Quest art? I'm giving the Broadsword the Smash ability when it is wielded without a Shield--spend a point and gain an additional Attack die. That allows the Broadsword to either be used with a Shield or function like a temporary Battle Axe.
Since the Broadsword is so integral to HQ art (it's even on the board!), I just can't abandon it to obscurity. I say house rule that puppy up to the weapon it should be.