Excessive underrating.Provided that the bats and equipment are the same for both sides then I can't see Waugh's team beating Bradman's team.
While Warne was a novelty during the 90s his impact against 1948 batsman would be minimal because they would encounter quality leg spinners all the time in Shield Cricket.
As classy as McGrath and Gillespie were they can be played successfully with a good straight technique and hold none of terrors found in a quartet consisting of Holding, Roberts, Garner, and Marshall. Brett Lee would be carted all over the park.
On the other hand, Hayden wouldn't last 30 minutes against Toshak who would simply take him apart. Slater had real problems against the swinging ball. He would not fair well against Lindwall and Johnston.
Langer, Waugh, Waugh, Ponting and Gilchrist is very strong. But it really isn't much better than the opposing middle-order. It would be interesting to see Ponting and Gilchrist take on Lindwall and Miller, but I think that they would end up having problems against the inevitable bouncers. It's all very well hooking and ducking the likes of Gough. But Lindwall wasn't nicknamed "Killer" for nothing, and Miller would be more unpredictable than any bowler they would have encountered before.
3-2 to Bradman's side as Bradman was every bit as ruthless as Waugh.