Both men lost to a spinks brother in these respective years.. Both men were roughly 36 years old or close to it at the time of their defeats... Both men had recently fought close and contested decisions leading up to their losses ( Ali over Norton 3 and Holmes over Williams ). Both men were on the verge of temporary retirement, though Holmes would prove competitive later, where as Ali wouldn't... My guess is that Holmes was probably the more able man at that stage and would likely take a win on points..
Holmes would win by UD. As has been said,Muhammad's illness was already in it's embryonic stages at this point in time. Also,the wear and tear of wars in the ring have to be considered. Holmes was comparatively fresh,albeit passed his prime. If Ali and Holmes were matched from the ages between 28 - 33 years,I'd favour Muhammad. From 34 years onwards,I'd say Holmes would win.