If you were compiling a best of team I think you'd get something like:
PG: Magic, Stockton, Paul
SG: Jordan, Wade
F: James, Bird, Pippen
PF: Malone, Barkley
C: Robinson, Howard
I think the only guys that would get replaced on the 92 team are Drexler, Mullin, Laettner, and Ewing.
Laettner I think we can all agree on. It's possible I'm underrating Mullin. If I recall correctly the guy was drilling insane 40 footers in 92.
Really, only Lebron makes it seem close in any real way. If you think of it as Lebron and Jordan effectively cancelling each other out then I think the marginal advantages for the 92 team are simply too overwhelming for the 2012 team to be reasonably competitive absent some intangible differences we're not accounting for.
Beyond the 92 team, I don't think the 2012 team could even take the 96 Olympic team largely because the 96 frontcourt was so dominating.
The 96 Team was:
PG: Stockton, Payton, Penny Hardaway (I know right, it's almost impossible to remember he was really good once)
SG: Reggie Miller, Mitch Richmond
SF: Grant Hill (in his beast mode days),Pippen
PF: Karl Malone, Barkley
C: Hakeem, Robinson, Shaq
Yes, Shaq was the third string Center