I think McCallum would have trouble adjusting to Steele's all-around speed & firepower in the early rnds, much as he did vs. Toney. the question would be whether he could impose his bodypunching enough on Steele to wear him down late.
Steele was actually something special. He had a blend of fast twitch speed and punching power and good accuracy; there's a reason his record is so good. I've never analysed this matchup but McCallum was also an elite fighter. On record I'd go Steele but McCallum seems a more modern and 'complete' fighter. Let's say 50-50 for now.