Tony has holes on the feet.He is flat footed and out angled especially against southpaws.He can definitely finish Ferguson but Conor is not a bad match up for him.
Lets not act like Conor is this unbeatable unhittable machine on the feet. Conor was getting tagged alot in the Diaz fight and i'm sure Tony will tag him alot as well. Tony has a long jab and is more dynamic on the feet than Diaz is. Tony delivers more threat to Conor than Nate.Throws spinning elbow,kicks unlike Nate. Nate is just a boxer on the feet. Tony will tag Conor on the feet.He can hold his own on the feet. Tony has the same tall and lanky attributes as Nate which could give Conor trouble and I could easily see it turning into the war that the second Conor Nate fight was.Tony can make things hard for Conor and push Conor to the later rounds and have an all around more entertaining fight.But it would be much worse for Conor.I think Tony is a better version of Nate.He has better chin, cardio and pressure than Nate.He also can check the leg kicks.Conor had to result to kicking and running to win a majority decision against Nate, which would not work against Tony who actually has leg kick defense.Conor was about to get stopped by Nate in round 3 where he was barely can keep his hands high.The pressure will be too much for Conor against Tony and he will submit him. Ferg's freakishly long arms are one of the reasons he can lock up chokes that other guys can't.
Also keep in mind all the crazy Imanari rolls and entries are in play for Tony vs Conor. There's no threat on the ground from Conor, so all those tools can be used liberally if that fight happens. Which give Conor all sorts of other things to think about. Conor is brilliant at utilizing and manipulating distance but if Tony tries to get the fight to the ground he doesn't have to do it with traditional entries. That really is a wild card in terms of how Conor tries to control the distance in the fight. Because he'll obviously want to avoid the ground like the plague vs Tony, so he'll have a ton on his plate to deal with in how unpredictable Tony's entries can be. Tony doesn't close distance like other guys do, esp against someone where he won't have to worry about them trying to get top control on him.