Was thinking about this the other day (as well as Kalambay v Toney). Johnson never gave a bad showing and always got stiffed on any tight decisions so I'd predict the same here - Kalambay by close, maybe majority decision.
Best vs. best, I think that Kalambay wins. They had a lot of the same strengths, but Kalambay was better and more consistent over twelve rounds with them. I agree that Johnson never had a bad showing, but he never had a completely excellent showing like the best Kalambay performances. He always ran it close. In the years when this was a conceivable matchup, 1991-93, it becomes a lot harder to pick, as by that point Kalambay had slowed down and in some fights needed to take rounds off. I think that I'd lean towards Johnson, but it needs to be said that both of them fought Steve Collins in 1992 and Kalambay had the more decisive win, in my opinion.
Kalambay was the better overall talent and technician at his best but I could see him taking a bit to come to grips with Reggie being a southpaw and his sneaky straight left counter down the pipe. I just get the feeling that Johnson, though very skilled, was a bit too overly patient, one-paced and lacking the extra drive and dimension to ultimately knock Kalambay out of his comfort zone and stop him from eventually establishing his jab and rhythmic slip/counter approach over the duration. And being without any advantage in terms of skill and stylistic approach (other than being a southpaw) with Kalambay also being the better athlete. Kalambay UD in a high quality technical fight.