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It should validate, but is not designed to be friendly to "ancient" browsers. 
If you wish to support Netscape 4.77 in your tracker, feel free to make local 
changes to the HTML or CSS (basically, remove any CSS that netscape 
doesn't cope with, and replace with horrid, horrid <font> tags and 
color/bgcolor tag attributes). 
 
I'm not familiar with w3m, but its behaviour is clearly broken and if you wish 
to work around it, then again please do so locally by insterting an 
appropriate action="" in the <form> tags.