"Old Enemies! Death Adder" is not a proper translation for the final boss theme. While "Shukuteki" (宿敵) is indeed composed of two kanji characters, meaning "old" and "enemy", most J/E dictionaries accept "nemesis" as a proper translation. "Old Enemies" doesn't even make sense, considering the title only refers to one specific character, Death Adder, who is the sworn enemy of the three heroes (the character is even referred as "Our Sworn Enemy, Death Adder" in the game's dialogue).
As for translating 戦斧 as "Golden Axe" instead of "Battle Axe", that's Sega's preferred translation for the game's title. The liner notes spells the game's Japanese title as "戦斧 (ゴールデンアックス)", implying that "Golden Axe" is how the kanji should be read. The kanji also appear on the game's title. This is an example of Gikun, where the kanji is used for their meaning and not for their pronunciation.
http://vc.sega.jp/vca_axe/