Yes absolutely...one thing that is not taken into account is that the increased athleticism today isn't just some evolutionary leap in human DNA, it's mostly due to superior training methods. Larry with today's weight training, conditioning, and diet would be just as much of a demon, relative to the league, as he was in his heyday. And the superior film archiving would have greatly enhanced his legendary ability to see the play 3 steps ahead.
I will say this though, I watched all of the 86 Finals for the first time on DVD between Games 4-6 of this year's finals. The most striking thing I noticed is that defensive intensity was much lower back then compared to today. Both series were played very hard, but that 86 series saw a lot of open jumpers on both teams, and not just on kickouts from double teams. Dunks were also more common, and scores higher, in 86. Additionally players didn't look to draw charges or contact nearly as much as they did today. Larry might score a little less today, but his defensive instincts would have made him a tremendous asset to a defensively-oriented team.