re: How would Babe Ruth fare in the steroid era?

The best way to handle these time-travel questions is to look at it as a comparison versus the player's contemporaries.
In 1920, Ruth hit more HR's than all but one team. In 1998, that would equal 222 HR's. Hell, the Pirates had the least homeruns, and they hit 107.

Yes, if you put 1920's Ruth into the 2000's, he wouldn't be as big or fast or strong. But that is an unfair proposition.

Ruth was so much better than his competition, it took 40 years for someone to break his total homerun record.
It took 60 years for a juiced up McGuire to break his single season record.
He still holds the top 3 single season WARs of all time (and 4 of the top 6).

Give him the same training, development, and benefit as modern players.... who can honestly say that he wouldn't have been equal to or better than Bonds/McGuire/Sosa?