Playing a Ravening Hordes army with 3rd ed rules, there is no problem at all.
If you want to points-balance a Ravening Hordes army vs. a 3rd Edition army, even loosely, then you'll run into discrepancies with the Hero and Wizard levels - as these are stronger and also over-costed in WFB3 compared to WFB2 and as Scalene points out the Skeletons (and Halflings, and monsters) are inconsistently valued.
If you want to points-balance RH and 3rd Edition Warhammer Armies, you've no hope. WHA is almost completely arbitrary and not even consistent with WFB3 - for example,in the rulebook Javelines and Bows cost 1 point each, but in WHA Goblins armed with one or the other get different PVs, or Brettonian Rapscallions vs Rascals, same pvs and statline, but one gets bows, for free!