I think the deciding factors would be, of all things, Fenech's defense, technique, and ring IQ. He was a more polished fighter than Barrera at this stage of Barrera's career, he threw shorter, straighter punches, and he made much more of an effort to guard against his opponent's punches. I think he wins on points or late stoppage.
barrera when he came back after the junior jones losses was a different fighter and still at 122. that version beats fenech. barrera that lost to jones and went to war with mcKinney loses.
Great fight, but Fenech wins handedly. Barrera normally broke his man down, or outworked them at 122. Fenech was sturdier with better endurance and a higher workrate. Barrera doesn't have a genuine chance IMO.