Probably go with Chico. Watt was class, and a tough SOB, but not as talented a technician as a Floyd or Casamayor. I think Chico was the better fighter, and would land enough clean telling shots to bust Watt up for a decision win.
Jim Watt is a sloth, almost as slow as Joe Joyce. As far as speed is concerned, Corrales would look like Ray Leonard in there