Daytripper,
The 1st Gen and 2nd gen ignition switches are electrically identical. The wire colors are even very similar. The Red and Brown wires even have the same electrical connectors, but the bad news is that the other connector with the smaller blue wires in it is not the same shape, so it will not plug and play. If you are able to remake the connector you might be able to use the 2nd gen's updated design switch, if you really wanted to.
That said, I don't think the 2nd gen upgraded switch is such a great solution. It still allows all of the bikes current to go through the ignition switch contacts, it only doubles the number of electrical contact points (from 1 to 2). In stead, I would recommend replacing the switch with another 1st gen switch and look at two other things to ensure its reliability in the future:
First, make an assessment of what additional electrical items you might have added that have increased the load through your key switch. That would be really just about anything that is powered by a switched 12 volts. If any significant current loads are found you should consider moving their loads onto a relay powered terminal strip. I only suggest the above because there are so few 1st gen ignition switch failures of this type. It is entirely possible for them to go this way, since the bike's entire switched 12V load does go through the contacts (even headlight power), just like on a 2nd gen. If there are no significant added loads on the switch, then just do #2 below.
Get (or make) and install a Brodie Relay Harness to offload all of the bikes 12V switched current onto a high current capable 12V relay. You will have to come up with a different connector for those blue wires, but you should be able to figure this out, or perhaps Mr Brodie can be convinced to start making his Relay harnesses in a 1st Gen version. The only currents that will be carried by the ignition switch after the Brodie upgrade are the ones through the blue wires, and also the relay operating current through the red/Brown wires, which is very small.