For the record, even if we were to discount the steroid effect on the quality of today's players, I don't think too many of the players from Ruth's era could play in today's MLB. You have organized baseball being played in this country starting at the age of five, modern fitness and strength training, even the players making the league minimum are paid more than enough that they can (and are expected to) focus only on baseball as their profession, pitchers having a wider array of pitches at their disposal.
I tend to think an 21st century (clean) All-Star team vs. a 1920s All-Star team would end up being a laugher.
And if I lived in the Renaissance, I'd pick up as many bitches as tdub claims he can. Times change, we get it. However, relative to what Ruth had to face then? What he did was damn impressive, moreso than what other guys today were doing. Even when Bonds was creaming records (and he was great, don't get it twisted), A-Rod and Pujols among others were still in his wheelhouse. Ruth was dominating in an era before expansion and without peer.
This is the same flawed argument that the SEC homers use to debunk Boise State or TCU's legitimacy by saying "if they played an SEC schedule, they'd go 8-4 at best". It's a fallacy because that would assume that they'd pick up, leave their conferences and somehow convince 8 SEC schools to play them in a fair balance of home and away games. If Boise or TCU played an SEC schedule, they'd be part of the SEC, and it'd be reasonable to believe that they'd be even better than they are now because they'd get all the benefits of being an SEC member with the added bonus of having the administration and coaching in place that made them so dominant in the first place. If Babe Ruth were alive today, he'd have all the benefits of diluted pitching, steroids, premium conditioning etc. If Bonds were alive back then, assuming that he somehow was the first to break the color barrier, he'd have all the same disadvantages that Ruth would have had. I'd think that the results would be somewhat the same for both guys, no matter what era.