I have a great strat that I've had for years now. I sadly never gigged with it or even played it much at home because I thought it sounded terrible (harsh, trashy, strident top end). I know those too statements seem to cancel each other out, but it's the best way I know to describe it. The guitar resonates like a dream, feels perfect in my hands, is balanced, and just has that mojo that is hard to put into words. Plug it into my amps or Axe-FX patches, and I hated it. I had played HB guitars for years and just couldn't figure out how to wring a decent tone out of that thing. It was completely foreign to me.
Learn to use the guitar controls, IMO, that's where the magic is with a strat. Once I got really good at adjusting the controls on the fly (most importantly the tone controls and pickup selection), I "got it." I've gigged a strat exclusively for almost six months now. That's something I literally never thought would happen. I had it for the two or three times a year I wanted a tone that I just couldn't get with any other guitar, but now it's my #1.
Turn the tone controls way down, around 5ish, if you want to use it with patches that were built around HB guitars. That usually doesn't work as well as building a patch just for the strat, but it's the way that I learned to exploit the strat and get good with it. I can't guarantee it will work for you, but take a patch you know and love with your Gretsch and use the strat with the tone controls rolled back to around 5 and start making small control adjustments - make sure your input gain on the Axe is set properly though (occasionally hitting the red). That worked for me and now I'm convinced my strat is the most powerful, expressive, and versatile guitar in my collection. My PRS McCarty, LP, Gretsch, Tele, Godin, etc are sitting alone in there cases feeling very neglected now...
Oh, and I've gotten great high gain sounds with the strat as well. Not the same tones as with the other guitars, but great nonetheless and they rock live which is all I'm really concerned with. I'm primarily playing live with my Matchless (clean), Top Boost (somewhere between clean and mid-gain), and 1987X (driven Plexi) patches, but the strat also wails on my favorite Euro Red patch.
Getting the proper input gain set and rolling the tone controls way down was the thing that flipped the lightswitch for me. Now, I can hardly imagine a more perfect guitar.
D