Toney would beat the **** out of him. But I do think it would be as competitive as the Martinez fight. The reason Toney would win is because Toney has the same infighting skills, PLUS defense. Williams has infighting offensive skills, but limited defense. And Toney even now doesn't get tired over 12 rounds so back then I don't think Williams could pressure him to a decision. The absolute wrong style for Williams.
Again, Toney actually threw meaningful, accurate, educated punches and combinations on the inside with real punch placement and timing. Williams on the inside throws aimless pre-practiced combinations and occasionally shoeshines.