Telecaster Kid

I'm not 100% if this hasn't been answered already, but how does this interaction work: Genesis Red Target Locks a stacked up Palob equipped with False Transponder Codes. I know the Player Order determines which ability triggers first (GenRed or FTC), but what happens if Palob has First Player? Does FTC go off, Jam away the Lock, and then GenRed gets the green tokens anyway? Or does GenRed get nothing because he doesn't have a locked ship?