Gibbs, who toured with the Lions in 1993, 1997 and 2001, told the Western Mail: "They've each got an equal opportunity.
"There's lots of competition. It's about who takes their chance. There are not a lot of games leading up to the first Test.
"Players will only have one or two opportunities and if they don't perform, they may not have another chance to get in that Test side."
Gibbs is thrilled to see 10 of this year's Grand Slam-winning Wales squad in Woodward's 44-man touring party.
"I'm delighted we've got 10. It could have been more, but could have been less," said Gibbs.
"It's down to the management to pick players who they perceive have the ability, who have the disposition to win the Tests in New Zealand."
Gibbs is hoping the Welsh contingent can make a big impact this summer, but knows they have a tough task ahead, just as he found out on his first tour.
"I was a young man in '93 in the face of adversity in New Zealand, up against a lot of great players and it was hard work.
"That brought me through as an international player, so I think it's an opportunity for those representing Wales to put themselves firmly on the world map.
"They've done that by virtue of their performances over the last six months. It's a wonderful opportunity and it's pleasing to see so many Welsh representatives on the tour."