I'd have been strongly backing Watson, but tend to thnk Graham was too epxperienced and tough a puzzle to figure out at 160, especially if the fight had came off circa Benn\McCallum fights for Michael. The lesser-skilled fat man's Canizales-SIBBO-would have knocked Graham out with a flurry of brutal left hooks though.
James Cook (although clearly Watson learned from an early defeat, that probably did him a favour) and Mike McCallum showed Michael struggled with cuties, and The Bomber was the King of 80s 154/160lbs cuties. Graham TKO14, in an interesting (if not exactly exciting) battle, that sees the Bomber show his true potential, as he school's the brave Watson; who loses, giving his all, and adding to his reputation.
Watson was very stiff and awkward, Herol very loose and awkward. Watson the blocker, Herol the evader. Watson the technician, Herol the trickster. Classic. Michael has the potential to beat Graham if he fought disciplined, he was quite one-paced anyway which would have been needed! He would have to of aimed to get Herol late, Herol always tired and got sloppy. Michael would have to be consistent, pick the right pace, cover up at the right times, open up at the right times, and he'd stop him in 9-12 rounds. He was really quite a fair bit bigger and stronger than Graham. Otherwise, Graham on points.
Graham was very physical, esp after a fair few rounds, but Watson was great with short stiff shots. That's why Watson beats Collins, another fighter who could be messy and physical.