He could certainly have staked a claim in 1972-73 to being the best lightweight in the world: wins over Duran and Ray Lampkin, among others. He lost the rematch to Duran but went on the claim the other version of the title and lost in the unification. Exceptional hand speed, stinging puncher with enough power to drop duran twice in two different fights, fought and beat a lot of good fighters ... and his losses are more than respectable. He was a viable and dangerous contender from 1972-80. How should he regarded as we look back? If not for Duran, he might very well have dominated the 135 division for half a decade or more.
I think you nailed it. He was an all-time great. He bought the best out of Duran. We all know that Duran was a force of nature. I think he is at the level of the Whitakers and Chavez's at 135. Mayweather may look at cut above him but he is not. He would have had his hands we full if not too full dealing with Esteban. At 135 Esteban fought and beat better competition than Floyd.
I think he was on about the level of Whitaker, Ramirez, Chavez, Camacho and above Mayweather's level. Wonder why Arguello never fought him either. With his superior size, couldn't he just step up a weight and fight at DeJesus and/or Duran? I had Ramirez winning a 96-94 over Arguello @ 135. Same could be asked on why fights between Danny Lopez and Arguello never happened. Pedroza's handlers obviously steered him clear of everyone except LaPorte, Lujan and Lockrdige (overrated): no Sanchez, no Arguello, no rematches with the 2 Alfonso whom knocked him out (catchweights were around long before by then), no Nelson, no Gomez, no Danny Lopez, no Chacon.
The OP pretty much nailed it. The guy fought often and pretty much only lost to very high level or ATG fighters. And we don't know what role his growing drug problem had on his career. A fighter to look at on film. Some theoretical head to head matches would be fun...