First of all, Jordan would not meet Olajuwon because Jordan's a guard and Hakeem... a center.
Thus, the only way for this to have happened is to use a time machine and switch Ewing for Hakeem. Now, with that in mind, I'd say that the Hakeem-ified Knicks would have beaten the Bulls in both '92 and '93, 4-2. And then, they'd have beaten the Spurs in '95 (since I don't think Ewing gets 'em through the WCF), and the Bulls again when Rodman joins 'em in '96.
Here's why... in Houston, Hakeem had to play a lot of help defense for the other forwards and guards. In effect, he was carrying the Rockets on both offense and defense. In NYK, along with Riley's defensive schemes, he'd have the likes of Oakley and Mason, doing a lot of the grunt work, and thus, allowing him to shake 'n bake on Cartwright, Grant, and others. In other words, the Bull's frontline would have nothing they could do to him. Remember, it was Mason's help defense which kept Hakeem working in the '94 finals. No one else on the Knicks could handle him in any way.