I'd kick Arsenal out, make them start at step 10 and earn their way to the top flight for once.
Yes, they somehow wangled their way into the top flight after WW1.
It all depends on the era that people grew up in or remember most.
Having said that, I can't see how Palace would ever make anyone's top league. Their record over the years is less than average at best. Sheffield Utd would be another one that wouldn't make it, but just my view.
Also, a fair number of the current top flight reads like the third or fourth tier!
Burnley
Huddersfield
Watford
Bournemouth
Cardiff
Brighton
However, Chelsea and Manchester City would have struggled to make a top list if we were back in the 80s or 90s.
But as I say, it all depends on what you're used to... but Palace wouldn't make it under any criteria.