Benitez could certainly be lazy at times and take rounds off. Margarito fights for 3 minutes of every round and constantly keeps attacking. He'd get thoroughly outboxed but probably wins a couple of later rounds on work rate alone.
If Benitez is sharp like he was for Palomino, forget it... he lands at will and slips just about everything Palomino was a better fighter than Margarito, definitely more skilled, and he looked lost in there at times Whiskey is right that Benitez is bound to take a breather here and there and Margarito will get the benefit of a doubt... outside of that, he wins nothing
I'd probably still pick Benitez even if he wasn't in the best fighting shape. The difference in class is tremendous.