I feel that this new suggested range is much too low for a 1st gen and all-class hat.

Opinions aside, 1.5 may be an outlier in this case based on a few offers on the open trades.

http://www.tf2outpost.com/trade/20255668 - Snowster offered DP Cannonball 1:1 (2.75*0.9 = 2.5)

http://www.tf2outpost.com/trade/20038041 - Jameo offered Smoking P Eye + DBD Hard Top (Private eye is outdated but both added are well over 1.5)

http://www.tf2outpost.com/trade/20038041 - Arcya offered FL Pyro Beanie (1.8) Still more than 1.5.