I don't know, I think it would be really, really boring with Max trying to min-jab and Toney trying to slip and counter not much. Toney might be able to flurry here and there to scoop up rounds where nothing really happens. I think I favour Schmeling but I think it would be dull and slow enough that disputable cards will be produced. So "wait" is my answer.
Yes, he never fought anyone with a shell defense. And his lack of jab would make his right hands very easy for even fat Toney to see coming.