Both these guys were powerhouses with great builds and tended to rely more towards power than technical finesse anyhow. All in all, on the surface, I think it looks pretty even.
Neither of these two are really known for being badass brawlers so I don't see one being more of a "specialist" in this sort of environment than the other.
I've never been a Lex Luger fan, I think the guy is massively overrated. A huge reason for his success, especially in the first few years of his career, was that he was surrounded by great talent. He was a member of the Four Horsemen for about a year and Arn, Tully & Ric were so damn good that he looked good by association. When left the Horsemen, he had feuds against guys that could carry him and make him look like a million bucks, like Ric Flair & Barry Windham. When he wasn't working with talent of that caliber, his limits were painfully clear. At the same time, I do have to say that Luger's accomplishments are more impressive. While I'm not a fan, it'd be hard not to acknowledge that Luger is possibly the best United States Champion in the history of the title. Like Jeff Jarrett, Luger is a guy that should've stuck to the mid-card scene in my book.
Davey Boy Smith was an overall better wrestler than Luger inside the ring but, at the end of the day, Smith's one truly shining moment came at SummerSlam '92 in front of over 80,000 fans when he wrestled Bret Hart for the IC title. It was a tremendous match and was the high point of Smith's career. He never had a bigger moment than that before and certainly didn't after. That was Smith's one moment of true greatness in my eyes.
At the end of the day, I have to go with Luger. As much as it pains me, I just can't vote against Luger in this particular match against this particular guy. He'll be battered, bruised & bloody when it's all said and done, but I think he'll also be victorious.