Benavidez gets some hype. He may yet live up to it, but right now the best SMW he's beaten is Plant and he couldn't even stop him. He gets a lot of mileage from what he's achieved so far.
Benavidez is similar to Jirov, smaller but better overall. Toney was a great counter puncher which is the type of fighter who can beat Benavidez. On the other hand Toney's cardio was never the best even in his prime, so Benavidez could also win with his workrate and volume punching. It's a pickem fight
Too early to tell how Benavidez does against a master like Toney but it would be interesting to see how the Benavidez who destroyed Zurdo would look against the Toney who fought Jirov. I would still favor Toney to win based on styles but that would be a terrific match up.
At 190, I still favour Toney based on styles. Benavidez has got that high guard but I see Toney having success to the body.
Benavidez squares up too much he'd be an open target for Toney's shoulder roll and countering abilities. Those flurries also wouldn't do anything to Toney. I like Benavidez alot and he's very exciting. But the best version of Toney at Cruiserweight outpoints Benavidez for me.