Ah, there was when it was still targeted on blue99 so I assumed it kept the level cap. I have strong evidence from an old castersrealm link that it should have a level cap in classic, let me find it.
edit:
http://web.archive.org/web/200201131...?Id=996&Page=2
Quote:
THIS SONG IS NOT USABLE OVER LEVEL 25, By Aaron (1/28/2001)
After seeing a post by Gordon (or GZ, I cant remember), They basically said that the song is not very usable after level 25. So, rather then the song having been nerfed, its that the effect is much less after attaining level 25.
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There's other useful info on the first page. I don't think there was a level cap per se but above level 25 it became very hard to land (apparently it had a 35% chance of resisting on low GREENS according to that source). It also seems it should only land on 4 mobs maximum and it should be a pbae.
edit again: I previously reported that it had a cap above level 55 but I was mistaken. I think it's capped at 55 currently on blue99 but it's still not nearly easy enough to resist.