Holyfield would begin strongly over a slow starting Frazier. By halfway through Evander would be holding a sizeable points advantage,after outboxing Joe. Frazier's pressure would start to tell by round ten,however. I see a badly marked Smokin' Joe stopping Holyfield before the end of the fight.
...and in the Moorer I bout, and in the Vaughn Bean bout, and in the Lewis I bout, and in the Lewis II bout, and in the Ruiz I, II, & III bouts, and in the Rahman bout, and in the Toney bout, etc., etc., etc. ...
The 1975 incarnation of Frazier was still very dangerous. At that point,only Ali and Foreman could beat him,imo. That's the main reason i think that he'd beat a 1996 Holyfield. After Manila it would have been a different scenario.