He might have had his moments, but he would have been on a hiding to nothing. Frazier would win this all out war because he would slip a lot of the punches thrown at him while Layne would just be getting hit flush. Eventualy this rate of exchange would prove verry unfavourable.
I agree, Layne's defence was too leaky to overcome Joe. Late stoppage win for Frazier,he might taste the canvas early though.