No, it doesn't. Joe Johnson can play with Kobe Bryant on any given night. That doesn't mean he has that skill and talent. Basketball performance is subject to variance. Joe Johnson's very best can approximate Kobe's average. Joe Johnson's average is nowhere near Kobe's. In my opinion, the same was true of Wallace, with regards to Garnett and Duncan. His very best could approximate their average. His average was significantly lower, because he had less skill and talent.
Ultimately, we can claim anyone's talent was at any level. Darius Miles could have been better than Michael Jordan if he tried harder. He was super talented. Lamar Odom could have been Magic Johnson if he tried harder. I find these to be fairly silly, just as I find it silly to claim Wallace was as talented as all-time greats. Could any of these players maybe have squeezed out a little more with more effort? Maybe, maybe not. The idea that it could have bridged the chasm between the results in the real world is pretty unlikely, IMO.