The law is bulletproof. An opinion is here and I believe it is accurate and complete with one small addition: http://www.freerepublic.com/focus/f-news/2040753/posts
The illegitimate issue is 8 USCA Sec. 1409. As set out in a post on the above thread, that statute became effective for persons born after November of 1986.
The legal bottom line is that if Obama was born in Hawaii, he is a citizen and eligible to hold the office of President. If he was born in Kenya, he is not either and there is no way around that answer.
I don’t think you are not correct regarding the effective date...here is the language and the cite for the 1952 act.
INA: ACT 309 - CHILDREN BORN OUT OF WEDLOCK
Sec. 309. [8 U.S.C. 1409]
(a) The provisions of paragraphs (c), (d), (e), and (g) of section 301, and of paragraph (2) of section 308, shall apply as of the date of birth to a person born out of wedlock if-
(1) a blood relationship between the person and the father is established by clear and convincing evidence,
(2) the father had the nationality of the United States at the time of the person’s birth,
(3) the father (unless deceased) has agreed in writing to provide financial support for the person until the person reaches the age of 18 years, and
(4) while the person is under the age of 18 years-
(A) the person is legitimated under the law of the person’s residence or domicile,
(B) the father acknowledges paternity of the person in writing under oath, or
(C) the paternity of the person is established by adjudication of a competent court.
(b) Except as otherwise provided in section 405, the provisions of section 301(g) shall apply to a child born out of wedlock on or after January 13, 1941, and before December 24, 1952, as of the date of birth, if the paternity of such child is established at any time while such child is under the age of twenty-one years by legitimation.
(c) Notwithstanding the provision of subsection (a) of this section, a person born, after December 23, 1952, outside the United States and out of wedlock shall be held to have acquired at birth the nationality status of his mother, if the mother had the nationality of the United States at the time of such person’s birth, and if the mother had previously been physically present in the United States or one of its outlying possessions for a continuous period of one year.
http://www.uscis.gov/propub/ProPubVAP.jsp?dockey=cb90c19a50729fb47fb0686648558dbe