Holy Cow!!! This is cool (well that my name came up so much anyway....).
First, my experience with both cars:
I own a '91 1LE that I ran in F-stock in 1997 and 1998, finishing 7th and I think 6th at Nationals those years. In '98 I won a LOT of events, but hadn't learned to deal with the pressure of the big one..... I also lost a ProSolo Championship in '98 on a tie-breaker as well. Then I took said car to ESP in a very, VERY mild form (scarily little done to it and have learned much since) in 1999 and Finished 3rd at Nationals, and 3rd in the ProSolo series championship in a short-lived class that pitted ESP cars against SS C4 Corvette's. All three of those years I was the fastest car on Kumho's if memory serves.....
In 2000 I ran an RX7 in Super Stock, so it doesn't count, but I finished 4th, top car on Kumho's
Also in 2000 I ordered a 2001 Z28 to run in F-stock for in '01. I was contracted to Kumho and hence was committed to their tires, at the time through some testing found that I was better off to take the other option available to me for the year.
So in 2001 I ran a '99 Firebird (1LE, Formula, WS6 a rare combo, not that it matters). Won a number of events while fiddling with the car and chasing down clutch and floorpan problems. Completely f*cked up the ProSolo Finale. And then Sept 11th happened. Nationals became a one course, 3 run event. I finished 4th about .6 back of Madarash. But the car was capable, I did cone a run that was .054 slower (which still would have had me only 3rd). Again, first car on Kumho's in 4th, next was the car owner/co-driver in 10th and the next one wasn't until around 20th.......
I decided to give up my Kumho contract for 2002 and switched to Hoosier's. The Firebird was sold back to it's original owner (HI DAVE!) and Mike Snyder bought the '82 Camaro because it was a good deal and I knew it was pretty fast because I had hammered my time in the RX7 once at a test and tune in only 2 runs.... At the time ESP on the east coast was poorly subscribed, and I felt my driving has suffered in 2001 a bit because of it. So I decided to run ProSolo's in F-stock against the Kozlak's and Mike Johnson and ESP for Tours and Nationals.
In 2002 I won both the F-Stock ProSolo Championship and the ESP National Championship. I ran the Pro in my F-stock 4th gen, had Monday off and ran Nationals in the 3rd gen. Yes, I was the overall the 2nd fastest car on raw time in ESP. However I was the fastest on the South Course (first day) and the car that was fastest had some camber that I'd love to get in my 4th gen now that it's ESP, but am not allowed too... Camber helps.

Add to the fact the North course had a HUGE straight that the Z06's were banging the limiters in 2nd and you can see that an LT4 car that also has a '93 trans had a little advantage over a L98 car that won't rev past 5k happily...... That's no excuse, but is part of the reason I decided to build an LS1 for ESP. Also, I'd have finished 3rd in SS for the event on time and 2nd in SM too. And we ran first heat on Tues/Wed. It was cool and no rubber was down. I.E. I went WELL, and Paxed very high though I don't remember where......
Now that you know my f-body background, here is my take:
Handling is subjective.

If you could find a bone stock 3rd gen with GOOD (not worn out) factory shocks and pit it against a bone stock 4th gen the same way, I'd be much more comfortable and quicker the old car on a back road or autox.
Aftermarket shocks on a 4th gen help much more than aftermarket shocks on a 3rd gen do (again provided they aren't junk and they all are now). Also, the best 3rd gens had hollow 36mm front swaybars stock. They don't benefit from a swaybar change like a 4th gen does. Now the driveability is much much closer, but the 3rd gen is more nimble. It's smaller and has a bigger rear swaybar and narrower rear axle.
Add ESP things to the mix. I firmly believe that a 4th gen can "handle" as well as a 3rd (and at times better), but it is DIFFERENT. And the 4th gen is always the harder car to drive fast. I wouldn't be building one if I thought I couldn't eventually make it faster than the old car was. I already think that the new car is faster on some courses, and on other smaller ones it's not. We aim to keep improving. That's what I do.
Does this settle things? I'm sure not. The cars are similar in a lot of ways, but the front suspensions are very different. The 3rd gen handles well, but also is a lot harsher than a 4th gen of "equal" ability. Each car has it's pluses and minuses......
Feel free to forward it to the other board.