Not necessarily. Would Hatton have been the best of the era had he beaten Pacquiao? Let's just say that hypothetically Pac faces Pavlik. If Pavlik, who's 8 inches taller and 20 pounds heavier than Pacquiao, wins that fight, does it improve his standing at all? I don't think so.
No way! What if some bum like Valero managed to land a lucky punch and KO Pac, would you concede that he's the best of the era or P4P# 1? Where would you place JMM, Floyd, Hopkins and others who're way ahead of Valero in the current rankings?
Not really if pac fights mosley at 147 and get KTFO mosley would not be considered the best of this era.