But I agree that all time Australia XI will not be a match for all time rest of the world XI.
ROW XI:
Tendulkar
Greenidge
Kohli
Richards
De Villiers
Dhoni +
Klusener
Pollock
Akram
Garner
Muralitharan
(Hate that I couldn't find a place for Hadlee but this is what I'll go with)
Aus XI:
M Waugh
Gilchrist +
Ponting
Jones
Symonds
Bevan
Watson
Warne
Starc
Lillee
McGrath
I don't know why you'd play Watson at 7 in that lineup. He has to open in place of M Waugh if he plays at all, and I wouldn't make that trade. Play Hussey at 7 and rely on Symonds and Waugh for your extra ten overs.
The only problem with this Australian side vs the RoW side you posted is the fifth bowler. Batting there is little to separate the two sides. Ponting is better than his average suggests (though not quite as good as Viv). Jones is one of the most underrated ODI batsmen. Bevan is the best in role.
I would also argue that Greenidge is too slow to be an opener. Jayasuriya is a better pick since you probably care more about his strike rate than his average given the batting behind him. And bat your best batsman at 3 - Viv. Drop Kohli down one to his rightful place behind the master blaster.
Bowling is pretty even, even if you argue Murali > Warne, the Australian fast bowlers are better than the RoW ones with that side. Hadlee over Pollock and it's even.
Symonds was better with the bat than Klusener, Klusener was better with the ball. Bevan was as much better than Dhoni with the bat as Viv is over Ponting.
Hussey is better than anyone the world XI can bat at 7 unless Jayasuriya opens and shares the extra ten overs with Richards. Even then I'm struggling to think of a lower order batsman the world XI can bat who is as good as Hussey.
Tendulkar is a moderate upgrade on Mark Waugh as opener. Similar average but Tendulkar scored faster. Gilchrist is an upgrade on Jayasuriya with the bat. So in all the openers come out with the RoW ones fractionally ahead.
Viv-Kohli- de Villiers is superior to Ponting- Jones- Symonds by a decent margin. Bevan- Hussey is better than Dhoni- Klusener in the 6 and 7 spots.
So batting- wise the RoW XI is a little ahead, bowling is pretty even, but the fifth bowler is where the RoW really pulls ahead. Klusener is a reasonable amount better than Symonds and that's probably the biggest difference between the two sides right there.