There are reasons to think that Ray might have been good enough to be a live dog in the fight, but probably not to favor him.
I agree that Elmer Ray was a dangerous fighter but I will go with Jack Dempsey by early round knockout.
No footage of Elmer ray and even the written reports are few. He had an impressive winning streak that took place from the early to mid 1940s but the quality of the opposition looks thin. His win over Ezzard Charles was a contested decision. The Walcott fight was razor thin as well. He also beat Lee Savold but that guy had more wear and tear than a hooker in a nursing home.. At best I’d give Ray a punchers chance but that’s going in blind