Confirmed: in as much of an apples-to-apples comparison as I can make, the T-40 came in 1.5–2 decibels under my Yamaha BB734A when clean, and 1.5–2 decibels
over when distorted.
If I understand the T-40 electronics correctly—big “if”

—I used the humbucker in the neck, whatever louder single coil in the bridge I got with the phase switch up, both volumes dimed, both tones as high as possible. I tried the Yamaha with the master volume dimed, the blend favoring the neck pickup about 2:1, in passive mode with the tone up; I also tried active mode with a teensy boost to lows, midrange flat, and a moderate boost to highs. I found it interesting that engaging the active electronics on the Yamaha didn’t show any measurable increase in output, but I perceived it as louder, at least in isolation.