You have to be kidding, right?
first and foremost, drag racing in the sand without paddles is quite possible the dumbest measuring stick - it literally boils down to whoever has better throttle control and traction - power is almost irrelevant because spinning with 450hp is no more effective than spinning with 411hp
second, since when does a 7k blower cost 43k to install?
third, please feel free to link all the gen 1 breakdowns you are referring to, I'll wait.
Lastly,
Gen 1 = 50-60k
Gen 2 = 60-70k
300lbs lighter is roughly equal to a 30hp advantage (widely accepted equation 100lbs ~= 10hp)
performance wise
a 450hp Gen 2 is roughly equal to a 480hp Gen1
suspension wise
aftermarket 3.0s are better than factory 3.0s - not even debatable
ergo
a gen 1 with headers, exhaust and a tune (475hp) and 3.0 shocks is within the driver skill difference of a gen 2. given that a Gen 1 will have ~490tq with h/e/t, it is at a slight(~20) tq disadvantage.
last time I checked, it isn't 10 grand for headers, exhaust, tune and 3.0s for a Gen 1.
I'm a big fan of the Gen 2 Raptor but it's a truck just like the Gen 1. You don't have a Ford GT engine, you don't have a 2jz, or an rb26dett. vin diesel isn't your co-pilot. there is literally nothing on a gen 2 that can't easily be overcome with ANY other F150, let alone a Raptor. A gen 1 with 50k in modifications would shit all over a stock gen 2.