Acomprehensive review of the uncounted Florida ballots from last year's presidential election reveals that George W. Bush would have won even if the United States Supreme Court had allowed the statewide manual recount of the votes that the Florida Supreme Court had ordered to go forward.

Contrary to what many partisans of former Vice President Al Gore have charged, the United States Supreme Court did not award an election to Mr. Bush that otherwise would have been won by Mr. Gore. A close examination of the ballots found that Mr. Bush would have retained a slender margin over Mr. Gore if the Florida court's order to recount more than 43,000 ballots had not been reversed by the United States Supreme Court.

Even under the strategy that Mr. Gore pursued at the beginning of the Florida standoff — filing suit to force hand recounts in four predominantly Democratic counties — Mr. Bush would have kept his lead, according to the ballot review conducted for a consortium of news organizations.

But the consortium, looking at a broader group of rejected ballots than those covered in the court decisions, 175,010 in all, found that Mr. Gore might have won if the courts had ordered a full statewide recount of all the rejected ballots. This also assumes that county canvassing boards would have reached the same conclusions about the disputed ballots that the consortium's independent observers did. The findings indicate that Mr. Gore might have eked out a victory if he had pursued in court a course like the one he publicly advocated when he called on the state to "count all the votes."

In addition, the review found statistical support for the complaints of many voters, particularly elderly Democrats in Palm Beach County, who said in interviews after the election that confusing ballot designs may have led them to spoil their ballots by voting for more than one candidate.

More than 113,000 voters cast ballots for two or more presidential candidates. Of those, 75,000 chose Mr. Gore and a minor candidate; 29,000 chose Mr. Bush and a minor candidate. Because there was no clear indication of what the voters intended, those numbers were not included in the consortium's final tabulations.

Thus the most thorough examination of Florida's uncounted ballots provides ammunition for both sides in what remains the most disputed and mystifying presidential election in modern times. It illuminates in detail the weaknesses of Florida's system that prevented many from voting as they intended to. But it also provides support for the result that county election officials and the courts ultimately arrived at — a Bush victory by the tiniest of margins.

The study, conducted over the last 10 months by a consortium of eight news organizations assisted by professional statisticians, examined numerous hypothetical ways of recounting the Florida ballots. Under some methods, Mr. Gore would have emerged the winner; in others, Mr. Bush. But in each one, the margin of victory was smaller than the 537- vote lead that state election officials ultimately awarded Mr. Bush.

For example, if Florida's 67 counties had carried out the hand recount of disputed ballots ordered by the Florida court on Dec. 8, applying the standards that election officials said they would have used, Mr. Bush would have emerged the victor by 493 votes. Florida officials had begun such a recount the next day, but the effort was halted that afternoon when the United States Supreme Court ruled in a 5-to-4 vote that a statewide recount using varying standards threatened "irreparable harm" to Mr. Bush.

But the consortium's study shows that Mr. Bush would have won even if the justices had not stepped in (and had further legal challenges not again changed the trajectory of the battle), answering one of the abiding mysteries of the Florida vote.

Even so, the media ballot review, carried out under rigorous rules far removed from the chaos and partisan heat of the post-election dispute, is unlikely to end the argument over the outcome of the 2000 presidential election. The race was so close that it is possible to get different results simply by applying different hypothetical vote-counting methods to the thousands of uncounted ballots. And in every case, the ballot review produced a result that was even closer than the official count — a margin of perhaps four or five thousandths of one percent out of about six million ballots cast for president.

The consortium examined 175,010 ballots that vote-counting machines had rejected last November. Those included so-called undervotes, or ballots on which the machines could not discern a preference for president, and overvotes, those on which voters marked more than one candidate.

The examination then sought to judge what might have been considered a legal vote under various conditions — from the strictest interpretation (a clearly punched hole) to the most liberal (a small indentation, or dimple, that indicated the voter was trying to punch a hole in the card). But even under the most inclusive standards, the review found that at most, 24,619 ballots could have been interpreted as legal votes.

The numbers reveal the flaws in Mr. Gore's post-election tactics and, in retrospect, why the Bush strategy of resisting county-by-county recounts was ultimately successful.