Are you kidding?
To say that Pakistan are somewhat underrated is fine, but pushing for top spot? Asim Kamal is indeed a good reserve batsman (though he should be in the main team ahead of mediocre players like Shoaib Malik), but Hasan Raza isn't in the same league as many reserve batsmen in both Australia and England, I find it hard to believe that anyone considers Mushtaq and Saqlain today to be better than MacGill, and Gillespie and Kasprowicz, out of form or not, are certainly far more proven than Gul or Rana, one of whom is a walking injury and the other is largely innocuous at test level when the ball isn't swinging.
Pakistan, given the fight they've shown against India and England recently and the potential of bringing guys like Kamal and Gul into the team, could have a fair claim to be in fourth spot after Australia, England and South Africa, but anything more is hugely premature.
Let's not forget that a very similar team toured Australia last year and were whitewashed in the tests and won a single ODI.