Toney is far slicker than Bruno. But I will say this - he has never fought someone that could hit him as hard as Bruno. Bruno developed a real stiff jab in his career too.
I think Bruno would win on points, Toney is just pretty awful at heavyweight. Bruno would hurt him with the right hand and keep scoring with his stiff jab. I don't think a stoppage is out of the question, remember Bruno hurt McCall with the right hand and he's got a better chin than James Toney. But I think Toney's slickness keeps him from getting stopped. EDIT: Didn't see it was the Toney who fought Holyfield. He was very good that night. I might be inclined to pick him on points on that basis.
The Toney that fought Holyfield would beat Bruno on points in my opinion. Too quick, slick and savvy. Bruno's jab would cause Toney problems and Bruno's power shouldn't be underestimated.
While this may be controversial, I think Bruno has what it takes to put Toney away at heavyweight. Bruno has immense power, he was the first man to show that Tyson could be hurt when Tyson still carried that aura of invincibility. He was outjabbing all-time-great and then-undefeated Lewis and battering him in the corner on the way to a stoppage before Lewis caught him with a wild hail mary shot that buckled Bruno's knees and was the beginning of the end for the lovable Bruno. Bruno's only losses came when he gassed against both Witherspoon and Bonecrusher Smith, and then KO losses to Lewis and a prime Tyson, and a Tyson when Bruno was arguable far more finished than Tyson. I think Bruno has the jab and the offense, and most importantly the huge power, to put enough of a hurt on the much slower yet defensively gifted Toney to earn a mid-round stoppage. That having been said, Toney has enough defense to wear out the stamine-challenged Bruno and perhaps earn a late KO in much the same fashion as Smith or Witherspoon. I voted for Bruno KO/TKO.