And this is where you MIGHT be wrong. You believe he can dominate but truth is the chances of him failing are equally as much as him dominating.
Below is the average speed evolution of F1 cars from Monaco track:
http://www.motorsportsetc.com/info/spd_mon.htm
See how much difference there is in the speeds? What if Fangio's peak reflexes were what he had during his time, he would not be able to get in any F1 team of modern time if that was the case. What you are assuming is that since Fangio was great for his time, his reflexes will automatically be improved to handle the speeds of modern cars. This is assumption everyone has limits, someone who might dominate U-17 or School/University sports by a huge margin may not make it big when the competition improves because their limit was way more than kids their age but inferior to the top level and they could not improve the skill level exponentially.
Same is the case with people like Fangio, Bradman, Davidson etc, they were ahead of their time however the sport during their time was so far behind the modern days that they can never get into even a C team of today. All we can do is assume they will adjust which they may or may not.
So to say that Davidson of 1950s is even comparable to Wasim is
blasphemy and this thread is an insult to both Wasim and Davidson himself.