Indeed, googlin' around it seems an error from UNIX sed. I don't know how to modify it to let it work in not-GNU sed, but until someone more experienced steps in, here is an awk solution:
Code:
awk '/^00/ && !_[00]++; /^80/{rec = $0}; !/^00/ && !/^80/; END { print rec }' file
The difference between the awk and the sed solution is that the former works even if the first 00 line is not the first line of the file and the last 80 line is not the last one, whereas the latter makes these assumptions.