Okay. Time for more data:
All charts made with the same assumptions as before (altitude, temp, humidity)
300FPS Energy vs Distance Chart:
This depicts how much energy is behind each projectile at a given distance. At three yards, there's only a .6ftlb difference in force (is this difference perceivable?).
300FPS Drop Chart:
This chart shows how much each projectile drops if fired at 300FPS. The red line is set at -60 inches. Where the line intersects with each trajectory indicates how far downrange each round traveled if an individual held the gun level, 60" off the ground.
First Strike fired at 280FPS Energy vs Distance Chart:
This shows the difference in forces. At three yards, the FS round is only hitting with .475ftlbs less of force (is this perceptable?). Note that beyond 5yds, the FS is hitting harder than the paintball.
First Strike fired at 280FPS Drop Chart:
This chart shows the cost of a 280FPS FS shot in comparison to a 300FPS paintball. It would impact 3yds sooner than the 300FPS FS shot and only five yards beyond a 300FPS paintball.
First Strike fired at 260FPS Energy vs Distance Chart:
At three yards, the FS shot at 260 hits with only 1.535ftlbs less than a normal paintball. But again, at distances beyond 11yds, the FS is hitting harder than the paintball.
First Strike fired at 260FPS Drop Chart:

So, reducing the speed 20FPS and saving 1.5ftlbs of force, cuts the max range to where the FS round is only landing about 2.5yds beyond the normal paintball and a full five yards behind a 300FPS FS round.
Big Unknowns:
Just how much force does each projectile successfully transfer into a target? The paintball is more flexible which, most likely translates to greater bruising/welting/bleeding welts as evidenced (at the extreme end) by the super flexible Monsterballs. The FS round is more brittle so, it will more quickly translate the impact forces outwards, reducing the force into the target. Whatever the case, the FS round does not seem to do more damage than a paintball fired at close range, onto clothed skin. This leads to the second big unknown:
While the FS is more brittle, the edges formed may be more likely to cut exposed skin. That being said, can this be prevented by a minimum distance or, reduced velocity?
My conclusion:
In light of the above, I do not advocate reducing velocities or enlargening minimum shoot distances for FS rounds since, there is no proof to date that this will translate to increased safety, and, would only reduce the performance advantage of the First Strike round. Even the thought of reducing impact pain doesn't make that much sense since, at some point in the trajectory, the paintball will drop below the FS round and the FS round will be perceived as being 'hotly shot'.