Arguello was not at his best at 140. You can make an argument that he was a little past it at 135 but that his association with Eddie Futch added some elements to his game that at least made up for that. Taylor was fast with his hands but he was by no means a 'slick' fighter and he was barely adequate, at best, defensively. Arguello of the first Pryor fight against Taylor is probably the best measure. Arguello still had some gas in the tank and Taylor would be coming with a volume of punches similar to Pryor, albeit with less power and less intensity. I haven't seen that fight in years but, as I remember it, Arguello held his own for much of the fight and was hitting Pryor with serious right hand bombs right up until the end. Could Taylor take those punches? If he could, then he would probably win a decision.
Arguello would get dominated by Taylor. I cant see any scenario where he's able to walk through Taylor's punches like Chavez in the 2nd half of the fight.