Dempsey for me. Toney had good classic old time skills so it would not be a walk over but I think Dempsey has the ferocity to make any fight around this weight difficult. Dempsey was one of the hardest punchers in Heavyweight history & although he could be hurt and dropped, he had good recuperative powers. It would have to be Dempsey from 1919-1922. My pick would Dempsey by close decision or possible late stoppage over 15 but I'm not too sure if 12 round distance, maybe Toney could eke a decision over the shorter distance but still favour Jack.