…As written on my deck, Play All But 1 reads “Play all but 1 of your cards. If you started with no cards in your hand and only drew one, draw
an extra card.” This means that if my Draw 1 was Inflated to Draw 2, then I don’t get to draw the necessary extra card to enable me to have any plays at all on my turn.

A: As you may have noted, the fix for this is simple, which is to treat the second “one” as a “1”, which it should have been in the first place. We’ll be implementing this fix on all subsequent printings starting in 2016.

Please treat this card as though it read: “Play all but 1 of your cards. If you started with no cards in your hand and only drew 1, draw an extra card.”

Note that Adventure Time Fluxx has the card Mathematical, which is an analogue of Inflation.
Math Fluxx has Increment All, which is like Inflation, but only applies to Actions and New Rules.