Some people say CM Punk is under-rated. Some people say CM punk is over-rated. I'm going to say that, it doesn't matter here. Macho Man beats him regardless.
Punk, in my honest opinion, is very skilled in the ring. He can work a good match, and despite lacking in some areas, would give Macho Man a very good run. However, that is just about all I can say here for Punk.
Savage is just too good here. In my opinion, he is one of the best ever, and tops my list of personal favorites. He can work with anyone, anywhere, seemingly at anytime. So I'd expect a very good match from these two. Savage, however, takes the win. He, in his prime was only overshadowed by guys like Hogan and the Warrior, some of the biggest names ever. CM Punk is seemingly overshadowed by everyone in a much smaller pool of stars.
I can see Punk going for a GTS, and Savage countering out, setting him up, and nailing the Elbow for the win. Macho Madness for the win here.