Not really much separating both teams here.
Oilers drafted 10 players who played 500+ games, Red Wings drafted 15 (16 if you want to count Konstantinov who would have easily passed that) so the edge on overall depth clearly is in favor of Detroit.
Comparing overall quality of players I feel Lidstrom is clearly the best player overall.
Defense is Coffey, Lowe, Smith, Beukeboom vs Lidstrom, Konstantinov, Boughner, York, McGillis, Pushor, Eriksson. The edge here I’d say goes to Detroit as they had 2 Norris caliber D vs 1. If I had to pick a top 4 from each group I would easily take the Detroit 4, even though there is a big falloff in the 3/4 spots.
Forwards I feel is pretty clearly tilted to Edmonton. They have less depth overall but their top end players are just that much better. Messier, Kurri, Anderson, Tikkanen vs Fedorov, Kozlov, Primeau, Knuble, Drake, Sillinger, Lapointe, McCarty. Detroit has a ton of quality players but lacks the top line firepower.
Goalies are pretty easy in that Fuhr and Moog vs Osgood is an edge to Edmonton. Both teams drafted goalies who could do enough to win Cups.
On paper, Edmonton has players with higher skill levels but less players overall by a decent margin. I would take the Detroit drafts if I was making a team and voted that way. You get the best overall player (Lidstrom), a clear 1C (Fedorov), and a multiple Cup winning borderline HOF goalie (Osgood) plus enough depth players to fill out a roster or act as very good trade chips. Heck the Detroit drafts are almost enough to put together playoff roster just with those players alone.
Kozlov - Fedorov - Drake
Lapointe - Primeau - Knuble
Sillinger - X - McCarty
Lidstrom - McGillis
Boughner - Konstantinov
Pushor - York
X: Eriksson
Osgood