Arguello threw his punches straight, but he missed the target a lot. His strategy was to keep tossing down the pipe whether they landed or not. As long as each was thrown with leverage, it was a matter of time before one landed on the button, and if it did, then he was in the fight. I don't think of Arguello as precise. I think of him as deliberate and disciplined and painfully patient.
Alexis did say that he never thought about work rate. He said he was more concerned with throwing the right punches at the right time. Mancinni described Arguello as a safe *******; a guy who was bent on finding that just right combination. He also said that even when he was doing well with Alexis, he felt like he was being studied and set up for something later.
No. He was one of the most precise power punchers of all time, in that he'd almost always end up landing the big shot, or the big shots which lead to the fall. In general though, there were many more accurate punchers. He did a lot of range-finding, pawing, etc. to gauge the correct timing and distance, which lead to a lot of mis-fire.
Arguello had medicore hand speed. He did a great job of off-setting that flaw with timing. Any fighters who did that better?
I endorse the Joe Louis example. Louis is one of the most impressive offensive machines the boxing world has ever seen. One of the more insane aspects of his precision and power was the damage he inflicted. More often than not, his opponents looked like they had been beaten with bricks. There are others. Pernell Whitaker was precise. If he had carried more power he would have been lethal. I don't know if this is reflective of his career, but it looked like Zale's left hook couldn't miss Graziano's chin in their rubbermatch. At least in that fight, Zale was the epitome of pinpoint accuracy.