You honestly believe this side is better than the current Australian team? Let's examine it, shall we? Firstly, this team has a fairly weak batsman in Moin Khan at number 6 - only 5 specialist batsmen, which makes them extremely vulnerable to quality bowling, particularly when you yourself admit that 3 of those 5 batsmen are inferior to their Australian counterpart. Saeed Anwar was renowned for being extremely unreliable when the pressure was on and would often fail when his team needed him the most. Both Hayden and Langer have put in countless definitive performances when the chips were down to help Australia out. Ponting is clearly superior to any number three Pakistan could offer, and Inzamam is at the absolute most on par with Damien Martyn, and in reality Martyn, particularly in recent times, is noticably better with fewer weaknesses in his game and more consistent all-round performances. The current 5/6 pair in the Australian team is fairly unproven, but certainly Clarke and Katich have more than enough quality to match the Youhana/Moin middle order in the Pakistan team you named. Gilchrist of course is a class act who is far better with the bat than Akram, and after that you are into the tail.
When you get to the bowlers, McGrath is unquestionably a vastly more reliable performer than either Wasim or Waqar, despite how brilliant the Pakistani pair could be. Keep in mind that Waqar was far past his best by 1999, and the second half of his career leaves him just a shadow of his former awesome self. Wasim was not at his best either, and it would be generous to call him an even match with McGrath. Gillespie now is certainly a better bowler than Waqar was in '99, and recent performances show that any of the Australian seamers is the equal or better of Shoaib Akhtar, and to suggest otherwise is ludicrous. You could say if you like that Saqlain Mushtaq and Mushtaq Ahmed give Pakistan a more devastating spin attack than Warne alone, but neither bowler is his equal as a single player and that alone does not make up for the five man batting lineup or the weaker pace attack.
And, I should add, we don't actually have to guess about what would happen if these teams met, because they did and it resulted in a 3-0 thrashing.