I think you've misunderstood what I'm saying.
Each four years there will be 1 WC, 1 Olympics and 1 Eurobasket. A European team that qualifies for all the world tournaments (which was France, Spain, Italy and Germany in the sample I used) get a one-tournament advantage over Australia in each four-year window.
Any European team that misses out on one of the world tournaments (which was Serbia, Lithuania, Greece & Montenegro in the sample I used) will have played in the same amount of top-end tournaments as Australia in that four-year window.
So while there can still be an advantage for some European teams, the advantage is now reduced due to the Eurobasket being played less often.
Further, for most European teams there isn't an advantage over Australia now because the small number of Olympic spots means good Euro teams miss out, where the Boomers play in every world tournament.