Stylistically, Fenech should be favoured massively, but I think that if Pedroza made weight right, knew who he was in there with, and fought the right fight; he's too good to lose. He's in that higher class of fighters, and should be able to feed Jeff the jab and start finding countering opportunities. Eventually, he'll chop him down and he'd separate himself in the final three. Pedroza, close, but clear decision.
Fenech fought rough and Pedroza didn't need a reason to operate without regard for the rule book. It certainly would not be for the faint of heart.
Would have been a very dirty fight given both fighters tendency to be rough. But my God it would have been entertaining. Pedroza's gas tank was every bit as good as Fenech's and would have obliged with the rough house tactics. Stylistically Fenech could be able to do what McGuigan did (although Pedroza was already past it by then) but I think Pedroza's better boxing skills and willingness to bend the rules would give him the edge IMO.