Spain would dominate possession no doubt. Whether they'd break a strong French defense down or not is a bit more troubling. Lizarazu, Thuram, Desailly, Petit, Deschamps, Lebouf, all in top form that night - difficult for anyone to get past.
But I think they'd win (the Spanish). Don't think France were good at all in that competition, and the final was more a case of the Brazilians throwing their toys out of the pram than the French being exceptional overall (only really in defense). I.e. irrespective of what happened to Ronaldo that night, the Brazilians turned up expecting to steamroller what looked like a very ordinary French side, found every gate shut because of an organised and resolute French defense, then either gave up or were too frustrated to do anything else. The Spanish on the other hand are a different animal in terms of mentality - they're not perturbed by a side pulling a defensive job on them. They'll just keep on playing the way they do, keep on dominating possession, keep on pressing at an insane tempo, entirely confident in their ability to eventually work an opening, and bar the one-off result against Switzerland that served as a mini wake-up call of sorts, they'll usually dispatch a side looking to primarily defend.