I'd pick Watanabe. Too big, and TBH he's probably a little better as a fighter anyway. I have a feeling that he'd fight quite a bit more cautiously against a puncher like Ebihara, but should win.
Interesting. I'd pick Watanabe reflexively, if mostly due to his size (I think he could have had great success at 118lbs, and he was also cutting a lot to get to 115, which Harada criticized him for, as he was constantly regaining between fights). This fight would have to happen at 115 - Jiro isn't making 112lbs. The second Pone fight shows that Watanabe could hang with the power, although Pone apparently didn't deserve the win (15 rounds isn't available so I haven't score). Ebihara could still spark him though IMO, so he'd have to be careful, which, knowing Watanabe, he would be. Cool as a cucumber.
Was Jito really much bigger? He was 26 years old by the time he won the title, and he never weighed more than 115 in any non-title fight beforehand. Just seems strange that he’d be known as a big weight drainer, unless he needed to cut off the extra weight from the hard partying after becoming champion. That would certainly make sense, especially given his connections. I doubt if he was naturally much bigger than Ebihara, who was weighing in at 116-118 over a year prior to first winning the title at age 22.
Harada criticised Watanabe repeatedly, in public media, as he was known to balloon up in weight in between bouts, which lead to a bit of a public falling out. I think there is even a video of one such criticism, but it isn't translated.