Um. What. No. Specter would not have beaten Toomey.
Specter would have been able to attract more of the right-leaning independent and republican vote than Sestak due to his bipartisan nature and past affilations.
If anything, Specter would've lost by more. The Democratic base was already depressed by the national environment and the gubernatorial election that Corbett was winning in a walk (ah, memories), and only would've been depressed more by having the 2004 GOP primary matchup as the general election, and Republican voters were turned off by his blatant opportunism and flip-flopping. Even if Specter had won Democrats would've lost the seat in 2012 because Specter passed, and Corbett would've appointed a Republican to the seat.