Valdez was at his worst against this type of boxer because they caused him to resort to looking for his openings more, thus dropping his workrate. Monzon showed us this, though Valdez was still effective at times vs arguably the greatest MW of all time. Kalambay was more of a pure boxer and mover than Monzon though, which would give Valdez even more issues getting set, and would likely either force him to fight Kalambay's fight throughout, getting outboxed in the process, or would cause him to take risks. That would be the best option for Valdez IMO, as he wouldn't fare any better any other way. As it is I'll go with Kalambay by clear UD.
You know, as slick as Kalambay was, he also was beaten by lesser fighters than Valdez who wasn´t just a huge punchers but a fairly good boxer himself. I think Valdez gets him in the middle rounds while beeing one round behind on the cards.
Kalambay at his peak was incredible slick, and he had also a solid chin, a combination you need to beat a very good fighter like Valdez. Kalambay UD Valdez (9-6)