Within its altitude limitations, the Allison wasn't a second-class engine. It was more reliable than a Merlin and had a longer TBO. Allison delivered what the government ordered, and asked several times to develop a real 2-stage engine. Each time the answer was no. The auxiliary-stage supercharger was an Allison in-house development. They didn't have a Sir Stanley Hooker, true, but had the 2-stage research been funded, it very well may have worked out better than the aux-stage that was developed. That is a nice "what if" to contemplate, but I'm not much into "what ifs."
In my eyes, the U.S. government got what they asked for and Allison did a good job building what they were asked to build. Today, warbirds fly almost exclusively VFR, and the Allison is right in its design element ... 5,000 - 15,000 feet. It lasts longer than a Merlin in use and is cheaper to overhaul as well. Nothing second-class about it except maybe poor choices made during WWII about its development as a higher-altitude engine. The turbo system employed by the P-38 worked well enough after it was sorted, but would be tough to put into a single-engine fighter.
The Merlin was. far and away, a better engine for higher altitude work, no question. But, the Allison was no slouch in it's designed altitude band and very definitely wasn't and isn't a bad engine.