Not really. The 1980s' Oilers team somehow gets "over-ranked" as an All Star collection. Really, there were five real All-Stars on that team (Gretzky, Messier, Kurri, Coffey, Anderson) and Coffey missed the last two Cups, Gretzky the last one.
In 1986, Oilers' coach Glen Sather was coach of the Campbell Conference (west) All-Star team and he picked about 10 Oilers' players to play, which was ridiculous. This included people like Lee Fogolin and Kevin Lowe, who were not all stars.
(The most fearsome "All Star" team the Oilers ever iced lasted only about three or four months in late-winter/spring 1987. This included not only the aforementioned five All Stars and the usual supporting cast of Grant Fuhr, Esa Tikkanen, and Andy Moog, but added Kent Nilsson and Reijo Ruotsalainen, two of the most skilled players of the 80s.)
No, the best NHL equivalent would probably be Montreal in the late-50s or basically anytime from the late-60s to late-70s.
Boston in 1970-71 should also be considered: seven point-per-game players, four 100+ point scorers, and the top-four scorers in the NHL (and seven of the top ten). Pittsburgh in the early-90s and Detroit in that late-90s to 2002 window as well.