While certainly featuring an inordinate number of very intense tornadoes, I agree the '74 outbreak was probably not as far ahead of its 2011 cousin in terms of tornado intensity as the official (E)F3-5 counts would indicate. Many of the violent tornadoes in the 2011 event, including several EF4s, did notably more intense damage across a greater portion of their path lengths than all but a few of the official F5s (particularly Brandenburg and Guin) in 1974.
The only thing that in my mind keeps the 2011 event from being unquestionably worse than 1974 is the lack of coverage of violent tornadoes further north into KY/IN/OH. It was much worse for Alabama, however with the morning QLCS spawning a large outbreak in and of itself.
To me, the ultimate outbreak would combine the coverage of the 1974 Super Outbreak (Dixie Alley through OH Valley into southern Lakes) with the concentrated tornadic violence that was visited on the 1st and 3rd of those regions in 2011 and on Palm Sunday 1965, respectively.