I'd say stealth is stronger than crafting - a build with stealth but no crafting would be overall stronger than the other way around.
I wholly disagree. AR tin can with crafting skills is absurdly strong, even after the ver. 1.0.4 invention of the "unconditional special attack," transparently intended solely to nerf AR burst attacks (which was needed, as the damage was insane). Stealth with crafting is just as strong, in very different ways. Both have their weaknesses.
Stealth without crafting would be less strong than either. In my latest playthrough, I very clearly remember that crafting specific fine-tuned SMGs with crafting-maximized damage and precise AP cost thresholds and tradeoffs took my build not only to the next level, but beyond. Good luck buying the perfect complementary gear for your character sheet plan without crafting skills—you'll never find it. The game hasn't changed enough in six months (or since pre-release for that matter) for this to have altered substantially.
Found/bought shields have also been buffed - it's not that uncommon to find efficent shields with around 800 capacity now.
Less than half the capacity, and not as efficient nor its frequency thresholds as high—the crafted one therefore being about three times better. You're right though, that's still a step up from crafted being five times better.
I mentioned previously that the gap between crafted and bought/looted gear has narrowed a bit as the game's been updated—but at the same time, the relative investment into crafting skills needed to hit keystone thresholds has been reduced by an increased level cap, crafting benches, and hypercerebrix (I personally never spammed pre-nerf Junkyard Surprise to buff crafting, that clearly verges into exploit territory).
So yes, found/bought gear isn't complete rubbish now, but the investment needed to craft supergear is overall lower than it once was pre-expansion.
That's not to mention several unique items that are strictly superior to crafted gear or at least provide what crafting cannot - CAU armor, biohazard boots, vathosphore armor, tesla suit, spec ops helmet, trapper hat, red dragon, Balor's hammer, XAL, etc.
That stuff is all well and good, but may require meta knowledge to plan a build around (Balor's Hammer being the prime example), be entirely missed during a playthrough (Spec Ops helmet, which is a stealth-based item you'll ironically only see if you bungle and alert the base), be acquired near the end of progression, are highly specific gimmicks, etc.
I have noticed that more unique items have been added in the latest update and others have been tweaked. That really doesn't alter the overall crafting power dynamic, though.