I think the 2nd team is a lot deeper across the board, but even with an aging Jeff Hornacek the first team is a lot more top heavy. While one could make the case with Deron and Stockton being equal (as blasphemous as it sounds to some), Malone is far better than anyone else on the 2nd team. Maybe Jefferson will be there some day (god willing, it would be awesome to have him described as a legit MVP candidate), but he's not near Malone's consistent epicness yes.
As for position:
PG: 1st team. Stockton to me is one of the 3 best ever, and Eisley was a much better backup than Price is.
PF: 1st team easily. Malone is a f'ing 2 time MVP. It gets a bit closer if you stick Jeffreson here, but not really even with that. I will say Milsap is far better than Big Dog was, and Keefe if you consider him a PF, but Malone just eclipses anything.
C: I'll go with the 2nd team, especially if Jefferson is listed as one, but even with Okur. Tag was ok, but Jeff Foster was a nothing backup. Fes is sorta that way too, but he still has potential.
SF: Another for the 2nd team. A 3rd year AK may have given the Jazz a championship against the Bulls. Russell wasn't quite garbage, but he was the definition of a system player. Anderson was pretty average too. Frankly, Miles has shown me more than him, at least last season.
SG: Probably the first team. Hornacek, even at his advanced age, is better than anyone the Jazz currently have at that position. Maybe Honzward grows into being a more versitile but not as good shooting version of him. Bell is decent, but older. This position is close to being a push.