If you go back and listen to that Darkthrone track, there is no way the drums are being heard in their "natural dynamic." Furthermore, the music itself is muted. In fact, "lo-fi" itself refers to music that has been recorded with equipment considered less-than-standard and results in altering (usually negatively) the quality of the music. Now, this has come to be an aesthetic choice in many black metal acts, and that's fine; but the fact is that those same instruments, that same equipment, could be recorded in such a way that it doesn't distort like old basement black metal does.
I say they are synonymous. Just because a band chooses to use bad production as an aesthetic choice doesn't make it good production. Crips, clean production might ruin a recording from an aesthetic standpoint, but that is all that can be said; as far as actually hearing the instruments, clean production doesn't ruin anything.
I would make a distinction between "good production" and the "perfect production"; much the same as I make a distinction between "good vocalists" and the "perfect vocalist." Ozzy Osbourne isn't a good vocalist; but he was the perfect vocalist for Sabbath.