Interesting. But that's not always the best way to do things- for instance, if you were to switch Sehwag and Greenidge around and think Greenidge>Hayden, that's a difference.
I'll compare the team's areas:
Openers
Not a hell of a lot between these opening partnerships, but the first-choice team is largely the better. Greenidge and Sehwag are hardly weak links, though.
Middle order
Ponting, Chappell, Kallis vs. Richards, Tendulkar, Lara. Not a lot in it at all here.
Lower order/tail
Flower, Botham, Akram, Lillee, Ambrose vs. Gilchrist, Imran, Hadlee, Marshall, Warne. Quite a bit more depth to the original team in terms of batting.
Bowling
I'm just putting it all under one area, because otherwise there's a spinning non-contest. It's basically:
McGrath, Lillee, Ambrose, Botham, Akram, Kallis
against
Marshall, Imran, Hadlee, Warne, Murali
I actually think the first side has a miles better pace attack. Saying "if Imran, Hadlee and Marshall can't take wickets, another fast bowler won't" is just a fallacy. Everyone bowls well on different days, and five top-class quicks are 66% more likely to have a player in unstoppable form than three. On the other hand, slow pitches could prove their undoing, but they have Akram in the team for when the ball gets older to offset that to an extent.
Jacques Kallis is not to be underestimated either, he's very much a threat to top-class batsmen. The list of nine players he's dismissed four or more times in tests includes:
Adam Gilchrist, six times
Shivnarine Chanderpaul, five times
Matthew Hayden, five times
Alec Stewart, four times
Younus Khan, four times
Bowling at six, he might not have much impact, but he's definitely an asset to the attack.
The major problem, obviously, is that on raging turners they'll be at a huge disadvantage. However, that's a small minority of pitches. IMO, they have a very slightly better attack on most pitches, and a considerably worse one on a select few.
It's an interesting thought though, how close the first and second XI are.