KoK's theories about players pre '60s fail to impress. Whenever players from different eras are discussed, in any sports, it is customary to acknowledge the cream of each era. If we were to take his theories/opinions into account and apply them to any sport, the likes of Jesse Owens, Herb Elliott, Joe Louis and Juan Fangio would be consigned to the ranks of also-rans. When looking at these champions of yesteryear, we need to consider how they would perform given modern training, sophisticated equipment and financial rewards that are available today.
I too like the theory of adjusting for inflation but then we should be sure whoever we are adjusting for inflation is worthy. The farther we go it becomes more and more difficult to adjust for inflation.
Taking example from other sports (Tennis).
GOAT of the 90s Pete Sampras did not have a baseline game to survive in the modern era vs Djokovic/Nadal/Federer but we can maybe give him some benefit of the doubt because of his great serve and athletic displays in the 90s that if born 15 years later then he could be as lethal as these guys, but this cannot be applied to the GOAT of the 1960s Rod Laver because he was just 5'7 and we know for a fact that now guys short have no chance in beating the modern day guys, the game has just evolved.
Same for clay, someone like Bjorn Born is a bonafide legend on clay (6 French Open) but we know that if he is sent to the modern era then he would struggle vs Rafael Nadal who is 2 inches taller to him, so the Nadal forehand which troubled Federer would trouble Borg even more, but someone like Gustavo Kuerten (3 French Opens) with his 6 foot 4 inches tall frame would tackle the Nadal forehand a lot easier like Robin Soderling did, perhaps Gustavo would adjust to a double handed backhand in the modern era and wuld be even more dangerous, the height is a real thing.
So you see, even while adjusting for inflation we have to only promote the right guys, everyone who is great in the prev eras won't be great even now.
F1 ? I don't know about Fangio but I am sure Aryton Senna/Mika Hakinnen/Michael Schumacher would all beat Lewis Hamilton.
Same applies for others sports too, in Athletics, we know Carl Lewis/Michael Johnson type guys if born in the modern era would challenge Bolt, but we cannot give the athletes of the 50s and 60s the same benefit of doubt.