I'm going with Sajeev's team as he has a more balanced setup, overall.
MDFC stating that Vieira will cover for Reuter going forward really gets to me. Vieira isn't a proper defensive midfielder. If anything, he's a proper box-to-box midfielder who's an aggressive ball winner and a threat going forward. His physical prowess and aggressive made him a great ball-winner, and his defensive traits mainly rely on his aggression, strength, and marking. The way he's set up in MDFC's team doesn't suit his skill set, IMO.
I must say that MDFC having van Basten, Zico, and Bergkamp all together make his attack very tasty, incisive, creative, and efficient, but Sajeev does have a solid base to work from with McGrath, Bossis, and Marquez, not to mention that Alaba is also decent, defensively. Of course, Costacurta, Ruggeri, and Irwin shouldn't be underrated, defensively.
However, I don't really like Irwin being stuck to defending. Yes, he was defensively reliable, but that's more down to his great man-marking ability and his ability to track his man. I don't really think he is positionally reliable enough to play a more defensive role. Plus, as a full back, his tendency to mark players can mean that he can get dragged around easier than Billy or Oscar. Plus, given that MDFC is relying on the energy, man-marking ability, and aggression of his midfielders, I believe that this will make things easier for Sajeev's midfield to open things up and disorganise MDFC's midfield shape in defence.
For all of the attention that van Basten, Bergkamp, and Zico are getting, I believe people are forgetting the ability of Henry, Kaka, and Rivaldo to win matches on their own. In particular, Rivaldo and Henry could be effective regardless of what sort of setup they are in. Those who doubt Henry playing up front should realise that he scored tons of goals playing as a striker up front (of course, not as a traditional striker like van Nistelrooy, but with Rivaldo and Kaka around, he wouldn't need to play like that!).
Davids and Seedorf is a lovely midfield combo, and both will work very well together. Whilst Seedorf and Davids offer the bite and aggression that Ardiles and Vieira do, the difference between these pairings is that Davids was better in reading the game and in positioning himself, defensively. Davids would have more awareness of the play around him, and his defensive game would be more controlled than Vieira's.
For now, I'll vote for Sajeev's team, but since it is quite close, overall, I'll give
@MDFC Manager a chance to convince me otherwise.