Would Bitcoin end up leveling things out, or just quietly create a new class of early believers who sit on massive advantage?
It will create a new class of elite, but this is not the point. The problem with the old system isn't inequality. It's that a minority at the top takes a lot more than it gives back. Under a Bitcoin standard, people may become rich, but in order to
stay rich, they need to provide goods and services to the market. Otherwise, at some point they will run out of BTC.
The problem with the current system is that the elite do not have to compete on the market and help people, to stay rich. They can just print money and steal through inflation.