>>42768778 (OP)
This is what I got started on as a kid (I'm ancient lol). Midnight Castle. Tirac. The OG villain. It was pretty hard core some times, then soft as a daisy at other times. In the context of 1986-88, this was on par with G4, if you look at the other cartoons done around the time of G4 and compare their complexities.
The Anon that said if G1 was animated like G4, it'd be "about as good," is on the mark. Slightly updated/cleaned audio would also help.
G2 was "Ponies, but teens/preteens" with school as the main social focus. It hit the mark, but Hasbro shitcanned it. It was good in the sense that it had story, progression, conclusion, and entertaining characters.
Both gens FAILED to have individual ponies that really stood out like the Mane 6, or the G5 Team. I can recount Gusty, Surprise, Applejack, and Firefly from G1. G2 did better, and they even named the main girls in the opener, but the episodes were so short, character depth suffered.
I recommend everyone watch Midnight Castle, at the very least, and then pick through G2 (MLP Tales) and find the good episodes that you like. Then watch any of the other G1 "specials" (multi-parters).