Hmm, that's an interesting matchup I never thought about. Do you think Babalu could've made 185lbs? If so, I'd have to favor Franklin. Rich had his best performances against wrestle-grapplers; the best strikers of his era were the ones to give him trouble. Plus, not knowing how Babalu would look going down in weight is a big question.
However, if they fought at 205, I think Babalu takes it. People forget how good he was, and Rich didn't seem to have as much power moving up in weight as he did at 185.