Exactly, after he got the eyes of his brother he fought the first at the valley of end (or whatever) and i doubt that Madara didn't use the EMS. He somehow did survive, but we don't know how. However i don't think that the Fourth would keep it up with madara at full power, he said it himself.The first was stronger then Madara at his greatest so i will say that the first is stronger.
Besides the thing what makes the fourth the best of all time, is the fact that he was so powerfull at young age. And maybe he would surpass the first if he had more time to become stronger.