As one who has more than a passing familiarity with book tests (I have about 400 of them in my personal collection and another 500-600 in various books, magazines, manuscripts, etc. in my personal library) and is 5+ years into compiling what I hope will be the first encyclopedic reference work on the history and evolution of forcing books and book tests (with a goal of publication by early 2011) I can safely say that there is no single "perfect" book test. I estimate that at least 2,000-2,500 -- and maybe twice that number -- have been published in English alone since 1900. There are some very good ones, a great many bad to mediocre ones and an awful lot of "highly derivative" ones (that's the polite term for knock-offs). Which book test, if any, is suitable for a particular performer is a matter of personal style, stage persona and preference. IMO (and you will find that I am, if anything, opinionated) book tests are for mentalists (and even then are best reserved for the more experienced ones) and, like most mentalism, have no place in a "magic" act. "Mental Magic" okay, "Mental-ISM" no-no (if you don't know the difference, you're probably not ready for mentalism.)
As specifically re: Art Emerson's "Pegasus Page" (1965) and Ted Lesley's "Sough of Horse's Wings" (1992) both can be traced to Corinda's "Zarkamorta II (The Ceremony of Reincarnation" (1960s) which in turn was likely insprired by Annemann's "Whim of Tituba" (1939). The theme was then picked up again by Docc Hilford in his "Brother Of All Book Tests" (1995) and repeated in his later "Wizard's Manual" (which is the same as BOABT, but uses a different book). The UK's Iain Dunford's "Hateful Page" (2007) adds a novel and potentially comedic twist to the theme of the "resurrected page."