Well, like I said, Red Ronin easily has the superior arsenal, but Rob is so concerned about doing any actual damage that he wouldn't really use any of it. While all Jet Jaguar has is martial arts moves, he at least concentrates on causing harm to his opponents. If he's able to jar Red Ronin enough to disconnect Rob, and keep up with his attacks, he should be able to keep Red down.
Another point is that Showa Godzilla obviously has the superior breath weapon. He's got an atomic ray while Marvel Godzilla simply has fire breath. I'm not saying its not powerful, but it's still fire breath. Also, if Showa G finds himself losing a battle, he often pulls out some new power to help himself win. Marvel G just sort of keeps clawing, biting, and using his breath. I'd like to think that Showa G, who beat Mechagodzilla and Titanosaurus by himself, could eventually overcome that. Finally, Marvel G doesn't appear to have regeneration, just really tough skin.
I'm not trying to say I think it'll be an easy fight. Like you said, Red Ronin's arsenal is great (though it's nothing compared to Mechagodzilla's, which Showa G survived), and will definitely knock Showa G and Jet around at first. The Marvel pair might even come close to winning. But I think ultimately the Toho duo, between Godzilla's regeneration and atomic ray and Jet Jaguar's willingness to kick some ass, will come out on top.
And yeah, let's say they're the same size... had no idea Marvel G was that huge.