LIPS has more than 287 fields in one of my systems.
What is your version, read first Note 355898 - Restrictions on transparent tables. As you can read, max length is now 4030 since release 6.0 SP25, max key length always 255 and max number of fields is 749 since release 46A.
And yes, there are minimal version allowed for database related to R3/ECC versions.
Regards,
Raymond