No, because Flair couldn't do three rotations after being hit with the big boot.
I think Michaels would be completely lost in the ring with Harley Race and Dory Funk. He's more of a showman than a wrestler.
Not to say Michaels can't carry a good match, but I think Flair tops him in that category, and just about everything else (except for bumping and theatrics).
However, I think Steve Austin narrowly tops them both as the best total package performer of all time, but let's not even get into that.