No, I actually I think it'd be a good fight. Curry was better @ 147, and never was the same after Honeyghan. I'd make him a slight favorite, but Vargas pulling it off wouldn't surprise me.
Pre-Honeyghan Curry would be too much for Vargas to handle. Too fast, too powerful, and too skilled. Vargas would make a fight of it, but in doing so would take a beating. Curry TKO 10.