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Oh and my unbiased two cents.
Jericho, as a former champion and consistent uppermidcard/main eventer obvious looks stronger. He wins matches consistently against other protected wrestlers. He also holds a top tier title (regardless of it's credibility) and is depicted as one of the best on television.
Regal, however, has yet to get an in ring push of any sort.
In terms of storyline, the edge goes to Regal at the moment. Jericho is still on tv every week, and involved in an awkward storyline, but a weekly storyline with Bats and HBK nonetheless.
I'd say Jericho definitely ranks higher in the pecking order of the WWE right now, but Regal is in the midst of a push so they could be around the same level kayfabe and storyline-wise shortly. How long that lasts is another discussion, but yes I agree with what you're saying.
Even though technically Jericho is stronger and higher priority than Regal RIGHT NOW, I'll def agree with Regal=Jericho
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