You misinterpret the reason Court is lowballed. The reason Court is diminished is not the general field per say. It is that back then the Australian Open was a joke slam, especialy for women, played generally only by Australian women. She won 11 of her 24 slams there, and no more than 5 at any of the other 3. Had she won only 5 of her slams at the Australian Open, or had everyone played the Australian Open like the other 3 slams, most would probably consider her and her 24 majors the greatest ever. However the Australian Open, atleast for women, was just not a real slam then.
TMF on Jan. 2011- Serena is washed up for good, TMF in Oct. 2009- Nadal has won his final slam, TMF in 2011- Woz will beat Serena at U.S Open