You do make some good valid points, but let yourself down with this statement.
Paisley did not inherit anywhere near the best team in Europe.
He started straight away rebuilding the side that he inherited with signings like.........
McDermott
Ray Kennedy
Neal
Joey Jones
Also giving debuts to Case and Fairclough, with further important signings a couple of years later, Dalglish, Hansen, Souness to name but 3.
Granted, Liverpool had just started to win silverware after a barren spell since the mid 60's (1 league,1 FA Cup, 1 Uefa Cup), but were not the finished article and were certainly not the best team in Europe.
Ferguson is rightly plauded for re-building sides, but Paisley also had to deal with replacing players during his reign, such as Clemence, Hughes, Smith, Callaghan, Toshack, Keegan, and Heighway, so credit has to be given for that.
I didn't expect anyone on here to place Paisley above Ferguson, and probably rightly so given Fergusons longevity, ongoing success, and superior trophy haul.
But using the clearly inaccurate theory that Paisley inherited the best team in Europe as an argument to place him in a fight out for 4th best is disrespectful and shows a clear ignorance of the facts.