Both would be a bit better. Holmes would have more championship experience. Norton would be a bit fresher. It would be another classic but I favour Holmes again via decision.
I feel like Norton is all wrong for Holmes, I scored their actual fight to Norton albeit competitive. If Norton can close down Ali who was only 30 at the time, he can do it with Holmes, who isn’t as nimble as the 30 year old version of Ali, and I also don’t see Holmes stopping Norton, although it’s not impossible, but Norton could just as easily stop Holmes as Holmes could hurt and stop Norton. Norton is an ATG, who could lose to mediocre fights of certain, but also beat the very best of other styles, and this is a circumstance of the latter. Edit: Breakdown: Norton keeps Holmes on the backfoot, Norton can’t fight going backwards and he wouldn’t have to here, he’d time Holmes’ jab with his own, upstairs and downstairs, to set up right over the tops and body shots, he’d get Holmes against the ropes, get inside and work the body, he’d outwork Holmes and land clean punches. If Holmes is able to hurt Norton and forces Norton to retreat, it becomes dangerous for Norton, because he didn’t have a great defence on the back foot in terms of survival skills, he became a sitting duck. He had and ok defence on the front foot, but it was mainly passive, and his own offence and rhythm disruption was his defence in a way, but that completely goes when you’re forced to withdraw your offence, that’s why guys who were able to get him on the backfoot or hurt him, were able to strip Norton of his defence, but the longer he can stay on the front foot against Holmes, the better, and I think he could long enough. He’d also have more energy since he’d be younger and the output would be able to be higher.
If they fight 3 times in their primes, Norton is bound to win 1, maybe even 2. Although given how good Holmes was, my guess is Holmes wins 2 out of 3 narrowly.
Let's stipulate Norton fought Holmes at the same point of their careers that him and Ali were Norton would have a smidgen more success with no clear winners. Cliches get a bad rap because their cliches but they contain a kernel of truth. If you can't make Kenny consistently back up you're in for a long night.
I can see the fight going the distance and the decision going either way. A draw would be likely as well.