Could you provide details of these "warnings"? The line was planned in far quieter times, with lower London population and steady government encouragement on both people and employment to move out to 'new towns' such as Stevenage, Crawley, Bracknell, Hemel Hempstead, Harlow and so forth.
I remember it opening, with some short-haul shuttles just between King's Cross and Victoria in the early years. Many trains didn't run beyond Seven Sisters or (once the second phase to Brixton opened) Victoria. Commuting on it daily in the mid 1970s I don't recall any real capacity issues beyond obvious spikes for football at Arsenal and Tottenham Hotspur.
As originally planned it was route C, one of a number of routes proposed for after World War 2 by a development committee created in 1943 or 1944. The more catchy Victoria line name only came about in mid 1950s.
Until about 1951 the northern end would have been north of Northumberland Park in Lea Valley, it was then switched to Walthamstow. The plan was to take over the existing platforms at Wood Street and convert them into islands with Chingford trains using new outer sides, but British Railways didn’t want disruption to its newly electric services, and didn’t want to lose any goods yard. It was cut back to platforms below Hoe Street (and also saved one train).
Highbury was added for city connections, and value of cross platform interchange meant some diversions of other lines. Warren Street was served as it was seen as a development area in early 1960s. For a while there was a plan to build section south of Green Park as line D (a route along King’s Road to Fulham), but was built to Victoria instead with option of further extension southwards.
Yes it opened in phases, about 3 months apart, initially Walthamstow- Highbury, then to Warren Street, then to Victoria. In 1971 the Brixton extension was added (but Pimlico wasn’t ready so opened in 1972). The scissors crossovers at these early reversal locations were subsequently replaced by trailing crossovers for unplanned reversals.
From memory in 1970s alternate trains used to terminate at Victoria southbound or Seven sisters northbound (and at quieter times I think few terminated at Kings Cross). I lived in Walthamstow in late 1980s and even then on Sunday mornings service was only every 8-12 minutes, about third of the central service frequency. It was only after some 1972 stock was converted to run in middle of trains, thus displacing some ATO cabs to bookend extra trains, and increasing the fleet size was there more through trains to Walthamstow and Brixton.