"When you look at Willie-John and Martin it is easy to see why their opponents feared them and their team-mates wanted to follow them," said Teague, who helped the 1989 Lions win the Test series in Australia.
"I see Paul O'Connell in very much the same mode - a big man and a big player. When you look at his set-piece play, his work rate and the way he carries the ball he has all the makings of a great player.
"He is certainly the sort of player that I would have wanted to play with and I'm sure he can be a force with the Lions this summer."
Mike Teague has backed Paul O'Connell to lead the 2009 Lions
Teague joined McBride and Gareth Edwards at the dinner on the eve of the Wales versus England Six Nations match in Cardiff and backed Ian McGeechan's team to match the achievement of Johnson's 1997 side in beating the Boks.
"I think there is enough talent here in the four countries to create a strong enough team to beat the South Africans. But it will be all about how quickly the players can gel," warned Teague.
"We found our feet pretty quickly in 1989 and the fact we had some tough games before the Test series began against the Wallabies made such a difference to us. I'm sure every game in South Africa will be hard, especially up on the High Veldt.
"That's why the Lions need a strong, powerful leader and why I feel O'Connell is the man to put at the helm."