How do complex adaptive systems, such as life, emerge from simple constituent parts? In the 1990s Walter Fontana and Leo Buss proposed a novel modeling approach to this question, based on a formal model of computation known as $λ$ calculus. The model demonstrated how simple rules, embedded in a combinatorially large space of possibilities, could yield complex, dynamically stable organizations, reminiscent of biochemical reaction networks. Here, we revisit this classic model, called AlChemy, which has been understudied over the past thirty years. We reproduce the original results and study the robustness of those results using the greater computing resources available today. Our analysis reveals several unanticipated features of the system, demonstrating a surprising mix of dynamical robustness and fragility. Specifically, we find that complex, stable organizations emerge more frequently than previously expected, that these organizations are robust against collapse into trivial fixed-points, but that these stable organizations cannot be easily combined into higher order entities. We also study the role played by the random generators used in the model, characterizing the initial distribution of objects produced by two random expression generators, and their consequences on the results. Finally, we provide a constructive proof that shows how an extension of the model, based on typed $λ$ calculus, could simulate transitions between arbitrary states in any possible chemical reaction network, thus indicating a concrete connection between AlChemy and chemical reaction networks. We conclude with a discussion of possible applications of AlChemy to self-organization in modern programming languages and quantitative approaches to the origin of life.