I'm not sure what you mean exactly by the human hours comment, I'm guessing that our advances today are more from low quality, high quantity work then ingenuity? Or something to that effect? I would say that might just be a result of the perception from looking back at a time of rapid advancement, where huge leaps occurred in a short time (and that we only look back at the successful end results, not all the R&D or the failures). Much of the slowness and expansiveness of engineering projects today is due to the increased use of analysis, validation, testing, quality assurance, etc. based on lessons learned from those days. Doesn't mean there is any less ingenious stuff happening, just doesn't stand out in the same way.
As for giving them the tools of today, I doubt they would be able to do much more than the same caliber of people today. In many fields we are pushing the capabilities of materials, analysis, design, etc. to their limits.
I would say the average engineer back then might be better but that's more related to the commodification of degrees than engineering getting worse. In 1970 you had about 9k meche's graduate for a population of 200 mil, in 2015 you had about 26k for a population of 320 mil. A 3x increase for only a 0.5x increase in population. I think the increase is due to alot more people being there for the paycheck, not the passion, which I think was much rarer back in the day.
https://nces.ed.gov/programs/digest/d16/tables/dt16_325.47.a...
All that being said, the engineering/engineers of that era is/are amazing. I mean they did most everything with paper, pencils and slide rules. Slide rules!