Drysdale, who picked up a single sculls bronze medal behind Tufte at the Beijing Olympics in August, after battling a severe stomach virus, fought hard over the 5000m course but eventually succumbed to the Norwegian by three lengths.
The challenge was held on the same stretch of water on which Webb, New Zealand's first single-scull world champion, defended his world title against Australian Richard Tressider 100 years ago.
Thousands lined the banks of the Whanganui River yesterday, as Tufte, Drysdale and Olympic oarsman Hamish Bond - who won a wild card race on Friday to earn a start today - did battle.
Tufte started strongly and had consolidated a useful lead by a length over Drysdale as the trio raced through the first 1000m.
Bond, rating much lower, slipped back and could not match the pace of Tufte and Drysdale.
Corners - and the lines into and out of them - are crucial in river racing, and the pair scrapped for ascendancy all the way through the last 3000m.
Drysdale threatened to unleash his legendary "big push" more than once in a bid to sneak past the Norwegian and assume control of the ideal line, but Tufte fought him off every time.
Drysdale's and Tufte's friendship off the water is well documented, but on the water their rivalry is fierce, and Tufte said afterwards he felt far from comfortable with his early slender lead.
"The first two kilometres felt good, but then I was just ahead of the big man and I could tell he wanted to eat me up," Tufte said.
For his part, Drysdale was impressed with the Norwegian's early pace and said he struggled to keep in touch.
"He went out of the blocks like it was a 2000 metre race," Drysdale said afterwards.
"You know in racing like this that you really don't want to get behind and I was behind pretty much from the very start."
