It's one where you'd have to see it to know, you just can't be sure. Arguello must have some kind of strength of advantage, even if they meet at featherweight. He would be able to work here, Sanchez is not ultra elusive, but he is a better ring general than Arguello, though Alexis is better from a technical standpoint as a box fighter. I'm going for Sanchez in one of the greatest fights ever, they'd both leave it all in the ring. The jab and constant stepping around and landing smashing rights and flurries might edge it for Sanchez.
Sanchez UD big speed and movement advantages see him outbox Arguello for long periods and he has the chin and fire to rally back in the rounds where he gets tagged
Arguello was a bit green at 126. He did have hellacious power. However, over the course of 27 rounds, Little Red couldn't even make Sal change the expression on his face, let alone hurt him. If you make this fight at 126 around 1975 or 1976 I think it's close to 50/50. If you make it at 130 a few years later, God Bless him, but Sal is goin' down. Alexis would find a way, cuz that's what the older, more seasoned, El Flaco did; find a way.
If anybody could move against Arguello for 15 rounds and win a decision that way, it would be Sanchez. But Sal sometimes tended to start slow and catch challengers from behind, which would be a fatal mistake to attempt against Alex. In his greatest win, Sanchez was momentarily buckled by a wounded Gomez. That suggests to me that Arguello would get him at some point, and finish the job, with Sal still on his feet. No something I'd put money on though. Sanchez took it up another notch when facing his biggest challenges.
Sanchez was a great fighter but I can't see him absorbing arguellos bombs for 15 rounds (maybe over 10 or 12).
Arguello was the bigger man & both guys liked to finish strong in the championship rds, this is were Sanchez will start to eat shots that he has never felt before, he either turns too defensive allowing Arguello to take the last few rds or he goes into the jaws of the lion & gets KTFO, either way, Arguello is a bridge too far for the Mexican IMO.