You both may be right.
Would that mean that Delors would have been in 3rd position behind Balladur and Chirac in the 1st round ?!?
Remember, this hypothesis was seriously taken into account (even in the PS) after Delors (precisely) said NO to a candidacy in December 1994.
I also think Delors would have been a poor campaigner.
If you are talking about Delors running in the 1st round with everything remaining normal, I tend to think that it would happen as in real life : Balladur's campaing is pathetic, Chirac manages to create a momentum around the "mangez des pommes !" slogan, and Delors benefits on their division being finally ahead of 1st round. Something like this :
- Delors : 25%
- Chirac : 22%
- Balladur : 16%
- Le Pen : 14%
- Hue : 11%
- Laguiller : 6%
- Villiers : 4%
- Voynet : 2%
- Cheminade : 0%
Delors would have been a good candidate for the PS, despite the fact that his pro-market might turn of the lefties in the PS and that he would have been a poor campaigner. Probably better than Jospin even.
Managing to get 47,5% of the vote in 1995 was still an unbelievable succes for PS.