This is a very fair point. I very much like his performance but I can see it being a sticking point for some. I appreciate the way he gets the inflection and humour right (both pivotal to the First Doctor). I’m a fan of what he does, but that’s just me! 
With you on both points, initially (especially re: Frazer Hines). But, as you say, it all melts away because at some point it just clicked for Michael (and then some). His performance these days is as good as I think we could ever hope for (better, probably).
Yes, yes, YES! A thousand times YES! He distills the essence of the Third Doctor so well. And, yes, the range is blessed with scripts that know how to emulate the best of Pertwee’s era to a tee! “The Third Doctor Adventures” are probably my ultimate comfort listen. Just wrap me up in that early 70s vibe and cosy UNIT family! 