Part 92: Bonus Update 49.5: Olympus, SpacecraftBonus Update 49.5: Olympus, Spacecraft
It's not technically true that the training grounds have no level limit, but you're unlikely to reach level 200 in an ordinary playthrough, given the massive amount of gold you'd need to accumulate and spend. If you do hit the level-200 limit, you can exceed even that through events that give you bonus levels directly, up to an absolute limit of 255. It's theoretically possible to get a full 6-character party to level 255 if you plan it out carefully enough, but that's massive overkill: even level 100 is more than enough.
Falling through the sky would be embarrassing, so don't do that. There's no treasure or experience to be had down here, so if you want to cheat slightly you can just enter via the tavern and give the password without bothering with the rest of the sewer.
Oddly enough, the hintbook doesn't mention the stat-boosting device in Corak's ship. Aside from that, these spacecraft are mostly interesting for their plot relevance: when I first played this game, stumbling across Sheltem's spaceship and realising that Sheltem had returned in the guise of King Alamar pretty much blew my 12-year-old mind. (At the time, I'd finished Might & Magic 2 but not 1, so I didn't see it coming.)
Next time, prepare yourselves for the thrilling conclusion to Might & Magic V: Darkside of Xeen!