I enjoy your posts Anubis, but I think this fantasy match-up would be far more competitive than you are suggesting. Arguello was no stranger to giving away rounds even at his supposed best weight of 130lbs. Pacquiao would certainly present more problems than the likes of Ganigan, Navarette or Tam.
Addie, I enjoy yours as well, and thanks for the acknowledgement. I prefer that you enjoy rather than agree if you read what I post. Honestly, I'm just passing time until the usual sites I post at which are down for upgrading at the moment are back up and running again. (You may note that my activity here is extremely sporadic.) I'm less reserved here simply because I've nothing to lose. (I just checked my other sites, only one of them my true home on boxing, all my user names are not related to Anubis, and each of those sites remain frustratingly down. Hope to be outta here having overstayed my welcome, but I do come here rarely enough that my posts here are a novelty for newer arrivals. Normally, I do lurk here from time to time w/out logging in, but my established history is elsewhere.)
It would be a great great fight I just think Arguello's technique, timing, power, and ring IQ would get it done, Pacquiao would keep running into right leads and Arguello was a great fighter all around, he could fight at any range and usually finished guys when he hurt them. Pacquiao wasn't at his absolute best at 130 I think he improved as he moved up in weight, he became more refined and wasn't as wild. but I can seriously imagine Pacquiao busting him up with a lot of flurries, he has a great work rate and speed and combination punching ability, but I question if Pacquiao ever really faced anyone like arguello.
Probably between the 10th and 15th rounds It would be a close fight up until the ko. Manny would be busier, Arguello would be more accurate.