It seems like just about every week there are new rumors of a potential Yahoo/Microsoft (NSDQ: MSFT) search and ad-sales partnership, and some analysts have even looked at what a deal would mean for revenue and cost savings. But none that we’ve seen have dug into the operating challenges the two companies would face if they do, in fact, cut a deal where Yahoo (NSDQ: YHOO) oversees ad sales and Microsoft handles the technology behind it.

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This morning, though, Credit Suisse analyst Spencer Wang released a report that does that just. Wang believes that behavioral targeting, search engine and search-ad products would create the biggest integration challenges, while ad-serving, web analytics and ad exchange would be less tricky.

His table outlining those findings, after the jump.