My opinion is that those guys would get rocked in today's NBA. A huge part of that defense was basically letting everyone other than Kobe have the 3 pointer. That allowed them to cheat on Shaq and throw a bunch of defensive looks at him. I mean, pretty much every time Payton or Malone got the ball, they just backed off and double-teamed Shaq instead cause they were ok with either of them taking long-twos. There aren't a lot of those guys in the NBA anymore, certainly not at Gary Payton's position.
If Shaq shared the floor with 4 guys who could shoot 3s at today's replacement rate, the Lakers would have pretty much just buried them with open 3s or they would have left prime Shaq in a 1 on 1 situation under the basket for a 90% likelihood of an easy basket or a foul.