I'm not saying the Pacers weren't good or that they couldn't have won a ring. They arguably gave the Pistons their toughest run in the lead-up to the Finals the year prior (though New Jersey may have something to say about that).
I just don't think they "easily" would have won the championship, considering 1) How many other good teams existed (Pistons, Heat, Suns, Mavs) that would have made life less than "easy" and 2) The fact that even without the Malice, the Pacers were always going to be riding that line between being an excellent team and being one Ron Artest/Stephen Jackson oddball moment away from throwing that all for a loop.
Even pre-Malice, the Pacers were already hitting a road bump on account of that whole situation with Ron Artest requesting a month off a few weeks into the season (at the time the rumor was that he wanted to take some time to promote his musical endeavors but obviously there was more to it). And that was just the latest on an already lengthy Artest rap sheet. I believe Donnie Walsh even said he assembled that team knowing the dangerous game he was playing. Malice or not, composure was
always going to be that team's weak spot.
Regarding the regular season records against other competitive teams, I'm somewhat meh on that whole aspect once you consider the context. The Pacers were so shorthanded that they often earned the designation as "rest game" by the opposition. There's no doubt they caught some teams slipping, which is liable to happen when those teams see you trotting out Michael Curry and Jeff Foster in place of Stephen Jackson and Ron Artest. But even then, the win against the Spurs came when Tim Duncan didn't play, and Shaq sat in at least one of the Heat wins (the others were in OT). Moreover, the playoffs are always a different ballgame.
Lastly, regarding the hot start... we know full well that hot starts are not always indicative of how seasons are going to turn out, especially when one of your leading guys is the type of dude who might just go ahead and request a month off three weeks into the season. The 1991 Pistons were 13-2 at the start of their season, seemingly ripe for a three-peat. But by the end of the regular season, they were a shell of what they once were. Hot starts don't always mean automatic playoff success.
That's all to say, this isn't a question of whether the Indiana Pacers
could have won the 2005 championship. And this is not to say they weren't legitimate contenders. It
is to say that I don't think it ever would have been "easy" for them. It's rarely easy for anyone, really, even the greatest of the great.