No, it's not simple

Your 3500lb car with 460rwhp is going to have the same p:w as a 1750lb car with 230whp. The difference between the two is, I am willing to bet that you would have FAR MORE low end torque than a 4cyl motor making 230whp. So, with a RWD 1750lb car making 230hp (same power:weight as you), I'd still bet that you would have worse traction as your torque coming out of the hole would be far higher.

Of course, there are a ton of different factors such as suspension and front/rear weight bias, etc....but with all things being perfectly equal, the higher TORQUE car is going to have more traction issues than the lower torque car (with the same horsepower).

That is typically why V8's have bad traction issues, not necessarily because of the power they make.