I wanted to wait before voicing my opinions, but this is becoming a little lopsided and want to make a case for Thunderlips.
Bonesaw definitely has offense, but probably not to the extent the previous posters have stated. He got a few shots in on Spider-Man, but nothing too serious. He also broke the leg of the dude he fought before Spider-Man, so he is vicious. But he got knocked out after a monkey flip, and not a particularly hard one at that. He's a glass cannon: packs a punch, but can't take a ton of damage.
Thunderlips appears to be the reverse. He took some tough punches from Rocky, a world champion boxer. Some people have pointed out that Rocky was past his prime... so's Mike Tyson, do you want to take a flurry of punches from him? And Mike Tyson is a lot more over the hill than Rocky in Rocky III. Despite Rocky getting a bunch of offense in, Thunderlips goes the distance and is only staggered briefly at a few points in the fight.
Unfortunately, Thunderlips's offense doesn't seem to be super effective. Rocky looks like he absolutely gets his ass kicked, but he also recovers extremely quickly from the assault. That said, Thunderlips does dominate the match and Rocky can really only get in his offense after Thunderlips is worn down at the end of the fight.
Considering their strengths and weaknesses, I see this as favoring Thunderlips. Both start off dominant in their fights, but after trading blows for a while, even if Bonesaw does more damage, Thunderlips will still have more left in the tank than the apparently fragile Bonesaw McGraw.
Also, not to lean to heavily on a drawing argument, but Thunderlips was wrestling at a charity event where he raised $70,000 dollars (I think) in front of a sold out crowd at a massive arena. Bonesaw McGraw wrestled in like, a warehouse in front of a bunch of dirtbags and his opponent was making the tidy sum of $3,000.
Thunderlips is a big deal. Bonesaw McGraw is a sideshow.
Vote Thunderlips.