I agree with your post, however, there are exceptions. While Jordan didn't have the best baseball career, Bo Jackson did excellent in both football and baseball.
Bo Jackson won't make the Hall of Fame in either of those sports, let alone both.
IMO, making the Hall of Fame is one obvious/indisputable mark of someone who is truly distinguished by excellence in the sport. (He did make the All Star & Pro Bowl, but those are far less distinguished honors, with something like 5-10% of players making those teams each year. So, rather than being a "top 5" type of mark, it's a "top 68" (baseball) and "top 110-ish" (football).)