I've owned both. Firstly, flat water racing is rarely flat. There is usually some sidechop, boat wakes etc,etc.
Both boats would be similar flat water speed. However, if there are any bumps or sidechop, the gen 3 will be faster, Basically because it is more stable. The gen 2 will not catch small runs. ...at all.
The gen 3 is lighter. I found my gen 2 to be very heavy.
The gen 2 will be much faster than your v8, but it was a very idiosyncratic boat. Paddling with the same group every day, some days I'd be in front, other days I'd be 200 metres behind. If it was flat it was ok. If there were small bumps it was hard work.
They are relatively cheap because they weren't a popular boat. If you are paddling genuinely flat water, get one. Check the weight because the black nose version was heavy