In the 1994 Pocket Players' Guide (so revised edition), the rules are quite clear and they namely explain the differences from the First edition. Here are some quotes from it :
In the chapter : MTG revised edition rules
Sacrificing (Page 58 and after)
If a card call for a sacrifice, you must choose an appropriate card in play and place it in your graveyard. This card is considered buried and thus may not be regenerated (see Destroyed, Buried, and Removed from the game). You can not sacrifice a card under another's player control or a card that is already leaving play.
[... here was an exemple ...]
A sacrifice is a cost that cannot be prevented. Any effect that would normally prevent a card from beeing destroyed or damaged do not protect the card from beeing sacrified. Also just as mana is spent as soon a spell is announced, a sacrifice is taken as soon the spell or effect requiring it is announced. If this spell or effect is countered in some way, the card beeing sacrified still get buried, just as mana spent on a countered spell is still spent.
[... here was an exemple ...]
Selene says : note that sacrificing something is not the same as destroying it. A card that says it can not be destroyed still can be sacrificed. (...). Sacrificing a card is a distinct action you take as a player to meet the requirements of another card; it is treated differently from destroying, burying and other effects that remove cards from play.
In the chapter : Differences between first edition and revised edition MTG
Sacrifice (Page 111)
Under revised rules a sacrifice is a cost that can not be prevented, and the card goes to the Graveyard immediately, at the speed of an Interrupt. If a fast effect involves sacrifying a creature, put the creature in the Graveyard as soon as the fast effect is announced, rather than waiting until all other fact effects are announced. (Any benefit or result from the sacrifice still waits until its proper place in the effect-resolution sequence). Even if a spell or effect is countered in some way, the card beeing sacrificed still gets buried, just as mana spent on a countered spell is still spent.
Card errata (Page 112)
Most of the First Edition cards can be played "as is" under the Revised rules. Some Revised cards have minor changes in what they do when compared to First Edition; when playing with mixed sets, play each card by wording on the card itself. However, just because one version of a card says something explicitely and another version doesn't, this does not mean they function differently. Some of the cards text contain reminders of things that are already part of the rules. The presence or lack of such text on one card versus another should not be interpreted as meaning that rule does not apply.
A few cards do need their wording changed, as follow :
These card say "discard" and should say "destroy" : Bottle of Suleiman, Balance, Black Lotus, Chaos Orb, City in a bottle, Conversion, Cyclone, Disenchant, Drop of honey, Jihad, Pestilence, Tranquility, Unsummon.
In the chapter : MTG FAQ (Page 216-217)
Q: Are the terms "kill" and "destroy" synonymous ?
A: Yes. In both cases, you may attempt to regenerate the creature beeing killed or destroyed.
Q: And "goes to the Graveyard" ?
A: This means that the card must be placed in the graveyeard. Once a creature is Sacrificed, it must go to the graveyeard, and can't be regenerated or other fancy stuff. Protection, Guardian Beast, Consecrate Land, and other protective effects cannot save cards that are sacrificed or "placed in the graveyard".
Q: what about "discarded"?
A: If it refers to a card in a player's hand, the card is simply placed in the graveyard and generate no effect. If it refers to a card in play, it is synonymous with "destroyed" and the card may be protected or regenerated.
Q: Are the terms "gone to the graveyard", "killed", "discarded" and "destroyed" synonymous?
A: These are all past tense. If a card actually goes into the discard pile, then it was killed/discarded/destroyed/sent to the graveyard.
The Revised rules have clearly defined "kill" and "destroy" as identical, and have replaced "destroyed without possibility of regeneration" with "buried". This saves space, and works for any type of card (instead of just creatures).
My 10 cents
So, to sum it up, under Revised Rules :
Serendib Djinn wording was still "destroy" and as such the combo with consacred land or pyramid were still legal.
The rules allowed any card to be sacrificed, not only creatures (even if i fail to find any other card in those sets who would ask for it).
I found the official errata in the Duelist number 7 (Page 99) so in 3rd quarter of 1995 and still under Revised rules :
Q: When i choose a land for my Serenbib Djinn to destroy during upkeep, can i prevent that destruction?
A: No, Serendib Djinn should be read as if the land were sacrificed.
(by the way, it was in the same errata that the Guardian Beast/Disk combo did not work any more as they also say : consecrate land, guardian beast and pyramid may no longer save permanents from themselves).