Yeah, the guy with the better footwork would have an advantage, I suppose, and that guy was Walcott.....
Just too hard to call. Walcott had a Louis end of his road and without Blackburn. Schmelling beat him at the start of his prime then lost to the greatest fighter from a single boxing match.
From a technical standpoint this would be a close afair, but Schmeling would likley be on the right end of the decision because of his more proactive style. That in itself would likley be enough to clinch matters, either in Schmeling's era or Walcotts.
I have Schmeling by late KO here. He's more busy fighter and has better chin. Max fought similary athletic and big fighter in Sharkey and he outboxed him clearly. Walcott was more willing to brawl than Sharkey which would led to late stoppage.
The idea has crystallized since Walcott retired, that he was about on the same level as Schmeling, or perhaps even a bit better. This idea should be challenged IMO. A slightly past prime Schmeling did to a young Louis, what a prime Walcott couldn't do to a badly depleted version. That does not bode well for Wlacott here.