Murphy is a good and crafty striker, but very beatable IMO. I've rarely seen a guy throw so much volume and land so cleanly with his punches, yet consistently fail to hurt dudes with said punches. I think it's worth pointing out that his big highlight reel KOs both consisted of dudes basically lunging face-first into high-amplitude strikes: a knee and a spinning elbow. Outside of instances like that, Murphy doesn't really do anything with his hands alone and he's actually been dropped about as many times as he has dropped other guys. But the big issue with Murphy is his lack of TDD, which sits at 51%. That's shockingly bad for an elite fighter. He has struggled with guys taking him down and controlling him -- at least briefly -- since his debut. Gabriel Santos should've gotten the nod in their fight, frankly.
Volk is old, yes and has slowed down, yes. But Volk is still faster or at least has superior timing to many other Featherweights and I struggle to imagine him getting schooled in the striking exchanges by Lerone. At the very least it would be competitive on Volk's end if he doesn't win them outright.
Volk's chin is questionable at this stage, yes. But Lerone isn't a power-puncher and good luck lining Volk up for something silly like a knee or spinning elbow.
So if you have a fight between two crafty stick-and-move guys... I'm gonna pick the guy who's in my opinion the clearly superior grappler of the two. Volk was shooting TDs on guys like Islam and Diego Lopes, I would have to think that he would do his homework on Murphy and recognize the path of least resistance. Even if he can't hold Lerone down and finish him on the mat, at the very least the TDs, top game, and clinch work would be sufficient to let him edge out rounds.