Here's an interesting read on the Michelob brand.
https://ecampusontario.pressbooks.pub/gned1478/chapter/michelob-2/
Starting out as a pale lager in 1896 (all malt?) and moving to a light lager (w/ corn & rice).
The hop rates would probably have declined as well owing to the desires of the general public.
This would be very similar to producing any light lager. A base of pilsner or pale malt w/ certain percentages of corn and/or rice adjuncts. Light hopping to perhaps 15-20 IBUs. Earlier versions would be all malt with slightly higher IBU ratings 25-30. The BYO article mentioned above would probably be a good start for an early rendition of this beer.
Not sure on hops but they probably would have been Williamette or Cluster maybe late addition Hallertau, Saaz.
The yeast used by the Michelob brand was probably similar or the same as other Busch beers of the time. Wyeast 2007, 2000, 2042 and 2035 would probably be appriopriate.
Not sure if they used amylase enzyme at the time but that would help dry the beer (or gluco-amylase).
For 5 gallons:
8 lbs Pale Ale
.25 lb Flaked Corn
.25 lb Flaked Rice
15-20 IBU of Cluster Hops
Mash 153F for 60min.
Ferment cold w/ 2007 (SNS starter will help)
Lager for a time if desired.