Tesco are not advising that everyone goes back to IE 3, they are simply stating this as a lowest common denominator since I'm assuming that was the first browser to support whatever version of TLS they were using etc.
Also, is running an old version of ASP.NET and IIS really a problem? Does he advocate going through the expense of rewriting/retesting the entire website every time MS drops a new version? If they are pulling down security patches this should be a non issue.