I've been doing some work on this in preparation for the upcoming anniversary. In fact, I'll be presenting on the subject at Purdue University and the Russiaville Historical Society over the next month.
While unrelated to the topic of my presentation, I did take some time to think about this very concept. 37 tornadoes, every one deemed significant (F2 or greater, by the Grazulis definition). Now, retroactive ratings played some role, I'm sure, but when you look at some of the damage pictures, you're seeing some with trees mangled and debarked, houses swept off foundations and disintegrated...I'm inclined to believe that it is a combination of retroactive rating problems and I also think it's possible that there were more, and weaker, tornadoes on that day, but in the light of all the destruction perhaps they weren't reported. Public awareness being what it was, it certainly is within the realm of possibility for someone to lose some trees and a few shingles, maybe a barn, and just write it off as storm damage and say to heck with it.
Meteorologically speaking, while I haven't taken a look at the synoptic setup, early season (March-April) setups will tend to be a bit stronger, which could have played a role as well. One could just as easily ask why there weren't more strong to violent tornadoes on 30 May 2004, and believe me, I've thought about that one quite a bit as well.