John,
I had won a 1920's style 2 on eBay. It had bad photos and nobody was bidding so I put in a low bid and forgot about it. Two weeks later I discovered that I won the auction-- not for the ridiculously first bid but it went up, but not significantly. I got it and changed the strings from the original gut to Worth Browns and oh man, was it loud, with lots of mid-range and so musical too. I loved it, but it had a number of cracks in the back and a previous owner slopped glue all inside. I showed it here on the Forum and most noticed the glue but one person saw it and said they would like to purchase, so I sold it. I regret it because I never played a soprano that good before.
Now with sellers remorse, I recently picked up a 1940-50's Style 0 player. Swapped out the strings, again, to Worth Browns, and this comes close but not quite the same as the 1920's Style 2. It really is close enough without a significant difference to me. As you know, I love the new ukes that Pops is putting out, and they are close, also, but not exactly the same as the vintage Martin's that I played. I even had a Kiwaya KST-4 and KS-5, which too, were kinda there-- but not quite. Actually, I like the "Pops" UkeSA over the Kiwaya's so I sold the Kiwaya's.
So, to respond directly to your question, the 1920's had a slight edge over the 1940's- 50's-- but both were loud, crystal clear, great mid-tones and very musical.