Based on the various cast albums, my ranking would be:
1. Ethel Merman
2. Patti Lupone
3. Angela Lansbury
4. Bernadtte Peters
5. Bette Midler (TV film)
6. Tyne Daly
7. Rosalind Russell/Lisa Kirk (1962 movie)
I was not born in time to see Merman on stage, much to my regret but Ethel Merman in GYPSY was one of the first records I ever owned, and I remember one time listening to "Rose's Turn" and feeling a twinge of sympathy when complained "and if it wasn't for me then where you be Miss Gypsy Rose Lee." Merman brought such powerful anger to the role (at least on the record) that I doubted if any stage performer could live up to that. LAter I did see GYPSY on stage many time in local productions, but I was excited to see Tyne Daly in the show the Saturday before she won her Tony Awards. She was a frighteningly intense Rose, and yes the score was well beyond her range and capability, she acted it with such conviction that in the theatre you didn't notice how many notes she flubbed. (One critic complained that she swallowed so many notes she may have to go on a diet.) Arthur Laurents directed this production and according to Patti Lupone's memoir initially set out to carbon copy it for her revival. For me, Lupone came close to the intensity Merman brought to the role and had a terrific supporting cast. Still I wondered why Laurents thought in necessary to add silly horseplay to "You'll Never get Away From Me" or why he had his leading lady gesticulate madly during "Everything's Coming Up Roses."
The joy of GYPSY is that it is so well-written than any decent actress (working with a capable director) can triumph in the part. It's a show I never tire of watching.
Cast albums are NOT "soundtracks."
Live theatre does not use a "soundtrack." If it did, it wouldn't be live theatre!
I host a weekly one-hour radio program featuring cast album selections as well as songs by cabaret, jazz and theatre artists. The program, FRONT ROW CENTRE is heard Sundays 9 to 10 am and also Saturdays from 8 to 9 am (eastern times) on www.proudfm.com