"If it does turn out to be Argentina, it is going to be a big challenge, but they are there for a reason and will be in fifth place because they haven't done well enough," Wood told football website ESPNFC.com.
"It would be a nice challenge, but we would have a good chance of progressing because they would not be at their strongest.
"They are not playing well enough to be a top-four nation in their division, so they are going to have weaknesses and have problems."
The All Whites' opposition for the home-and-away intercontinental play-off in November won't be finalised until next week.
Fourth-placed Peru are on the same points as Argentina, while Chile and Paraguay lie close behind in sixth and seventh.
Wood believes the prospect of a long-haul flight to New Zealand won't be one welcomed by which ever team finishes fifth.
"I am sure most of them won't want to travel all the way to New Zealand for a Friday or Saturday night game, then have to travel back to their own country and play us again, especially in between big games they will have in top leagues back in Europe."