The most significant difference between the 68k NeXT hardware and Macintoshes was that the former made extensive use of DMA, with dedicated channels for basically every peripheral and several "memory to memory" channels which are vaguely comparable to the "blitter" hardware in Amigas. 68k Macintoshes on the other hand are comparatively "stupid" and make use of programmed I/O for peripheral communication. (Heck, on early Macs and with regard to devices like floppy disk controllers you're lucky if I/O is even interrupt driven vs. cycle-wasting polling.) On a single threaded number-crunching benchmark a 40mhz IIfx certainly might perform better than a 25mhz NeXT Cube, you're basically just counting cycles, but a port of Next/OpenStep to the IIfx would by necessity have to waste a comparatively high number of cycles "manually" shoveling data around paths that are accellerated in the NeXT hardware so overall system performance would very likely be worse.
Also, we sort of have to do some calibration here of what time period we're talking about. NeXT actually discontinued their 68k hardware in 1993, which was floated as the acquisition date, because it no longer could seriously compete with other Unix workstations based on Sparc/MIPS/PA-RISC/etc CPUs. (Also note this was the year the Pentium became officially available. I recall reading an article in a 1993 magazine comparing various "Unix workstations" and in said article they compared, among other things, a Pentium-based PC running SCO Unix, to a Quadra 800 with A/UX; the authors were enthused about A/UX from a feature standpoint but on their benchmarks the system was by a significant margin the slowest one in the lineup, being as much as a full order of magnitude slower than some of the competitors. A NeXTstation was *not* included as the hardware had already been EoL'ed.) If NeXT had fallen into Apple's lap at this point there would have been pretty much zero justification to waste the effort porting the OS to hardware that was already behind the curve. To *seriously* imagine NeXTStep on Mac hardware you pretty much have to push that date back even further, like 1990 or 1991, but even in that case it seems to me more likely that the result would be a NeXT hardware design relabeled as an Apple product with a MacOS virtual machine (like the one from A/UX) sort of shoehorned into the OS. The chances they'd try backporting it run on "normal" Macs don't seem that high because, again, the performance would really suck.
And of course the other problem this introduces into the timeline is it puts Apple in the position of having to pull off both a processor architecture migration (the writing was truely on the wall for 68k, this is why the other UNIX workstation vendors were all fleeing from it as well) *and* an OS migration at the same time. NeXT itself wasted significant resources on Motorola 88k and PowerPC hardware prototypes before opting to pull out of the hardware business entirely so they were fully aware that 68000 was a dead end.
Apple already had its own ideas about creating a powerful RISC-based workstation as part of the Pink/Taligent collaboration during this period, and that ended up going nowhere; all that came out of it was the idea of running the classic OS in emulation on a RISC CPU, which resulted in the fast-but-dumb Power Macintoshes of the mid-1990's. It's really hard to imagine how a NeXT acquisition during this period could have resulted in anything but more confusion and dead-ends.
(I'm sure the answer to that is "But, Steve Jobs would provide the vision to make all work!", but, well, I don't think at this point in Steve's life he would have been particularly interested in the job. Both Apple AND NeXT pretty much had to *fail* in order to set the stage for what happened upon his return in 1997, back in 1990 the "synergy" just wouldn't have been there.)