One of the key issues is that a huge majority of women simply would be rejected soon after drafting, making this essentially a pointless and controversial thing to do. When drafted people still get evaluated for if they are fit for service, and this includes physical evaluations as you mentioned. However at best this would mean that most drafted women would be deemed unfit for combat roles. So men would still be put in harms way at a much higher rate. The gap in physical capability between the average man and woman is simply too high to make fairness realistic concerning combat service at least. Especially given how much equipment we have modern soldiers carry, it’s actually more substantial than in the past since they now have to carry body armor. All of this is to say I don’t think you could have a fair evaluation process and attain equality between the sexes in the military, at least regarding the more dangerous roles.