I still like Ali to win. Liston was awesome but there is nothing about his style that would ever be troubling for Ali IMO. If it was the lackadisical Ali who faced guys like Wepner, Bugner, Lyle, etc. then of course Liston could be a huge problem. But you know Ali would have always trained like gangbusters for someone like Liston. Liston cannot apply the consistent, suffocating pressure on Ali that a guy like Frazier did. Of course, anything is possible but I still would take Ali. Ali had skill, brains and guts and I think he had way more in the heart department than a bully like Liston who relied heavily on intimidating his foes. You did not intimidate the 70's Muhammad Ali.
The Ali who beat Frazier in 1974 is still too fast and skillful for Liston IMO. He was also more experienced and had more savvy than the young Ali/Clay. The thing that had lessened the most for Ali in 1974 was probably his stamina, but Liston wasn't a machine like Frazier that could keep constant pressure for a whole fight, nor did he have Norton's extreme fitness and stamina.
ali was in great shape for the 2nd frazier fight.........LISTON WOULD LOOSE...............ali danced for 12 rds....very underated win for ali.......................he weighed 212lbs