What are the advantages and disadvantages of going first
I think you covered most of it already; of course there are many other possible turn-counts. Theoretically team 1 can go for a 3+3+3 win in 3 turns; though that would be very difficult and require some luck as well. 

Another minor advantage for team 2: On team 1's first guess, they will always have the full board of 25 options to pick from. Whereas for team 2, at least 1 and usually a 2-3 of the options will already be covered up, making the guessing for team 2 slightly easier on the first turn.

Other than that, the swings of which words got covered up when will tend to be pretty much random for either team, and I think this luck ends up outweighing any potential advantage for either team.