The problem with picking WI is that there are so many brilliant pace bowlers that its so hard to pick just 4. Australia have a set 4 bowlers in Mcgrath, Warne, Lee and Gillespie. I can't think of anyone else. Maybe Stuart Clark. As a result the windies win the bowling segment. The batting is also fairly set for an Aussie team without Ponting, Waugh brothers, Hayden and Langer is just a joke. So Australia:
Hayden
Langer
Ponting
Mark Waugh
Steve Waugh
Clarke? Hussey?
Gilchrist
Warne
Lee
Gillespie
Mcgrath
As for WI you cant have a side without Greenidge, Haynes, Llloyd, the great VIV RICHARDS (love this guy) and Dujon. You can pick any 4 bowlers from Croft, Marshall, Holding, Garner, Ambrose, Roberts, Bishop and Walsh. Any 4 and they'll trounce Australia's bowling attack. Batting is in Australia's hands but not by much. WI had also richie richardson, Sobers (though may have retired in 69...), gomes and a fair few others. So really:
Haynes
Greenidge
VIV
Sir Garfield Sobers
Clive Lloyd
Richardson/Gomes/Kanhai? (i think thats his name)
Jeffery Dujon
Insert 4 fast bowlers.
Also, WI were the best fielding side in the world back then. Outright. Australia are equal with SA (some say Australia is better, some say otherwise) so in terms of dominance WI against get points. But to say who was better? Well its hard to tell. Benaud said the SA side in the 50s was the best fielding side he ever say (he said so on channel 9) so modern fielding may not be another world to the previous eras. So we'll give it "honours even" to both.
If WI were playing in Australia Australia wins. In WI then Windies. On a neutral venue i think the windies bowling attack will decimate Australia's batting. Australia's bowling in the form of Shane Warne will provide a means of skittling and decimating them in the 4 and 5 days. I think Lee and Gillespie would easily be outplaced though Lee has found some excellent consistency recently. With an attack centred around Warne and Mcgrath it'll be tough for Australia. I think WI win on a neutral venue.
So WI-2, AUS-1
Remember, WI have 2 decades to choose from. Australia have only 1 but it seems hard to see Australia dominate for another ten years.