[GoseiWonder]

The Zeo Powers are supposed to continuously get stronger, but I usually say that only happens as long as the powers are being used, otherwise King Mond would have been no match for such raw ancient power. I bring it up because I will be treating Tommy as "A day after Good as Gold," having all the power and skill up to that point. Likewise with Leo and his skill level by the end of Journey's End, Part 3.
Tommy can increase in stature as seen by the final battle with King Mondo, though I'm writing that out because Tommy would just cause an unfair match that way.

Now the weapons are fairly balanced between both combatant, 2 swords and a gun. However, the Quasar Launcher is a bazooka. Granted, bazookas are designed as recoilless rocket antitank weapons and as such, don't have the functionality that a basic blaster does. Similarly, the Defender Wheel, while powerful, is not implied to be able to turn, meaning that Leo could just tuck and roll. Thus the Quasar Launcher and the Defender Wheel are both impractical under most circumstances. Though Leo has shown that he can use heavy firepower in close range.

The Lights of Orion and the Zeo Crystal are both mystical power boosts for the rangers, but Zeo Crystal gives a boost that increases with time while the Lights give a small capped power boost across-the-board along with a gauntlet. Since the Zeo Powers increase with time and as such will at least lessen Tommy's fatigue considering the battle will probably only last about 35 minutes.
Leo's fire powers are good for creating a hazard on the field, but the field in this scenario doesn't have much that can burn, so the ability is rather weak in comparison.

Tommy wins in my book, but that's just because he has a more versatile blaster weapon and a magic Red Bull crystal. If the field war flammable and Leo had a more versatile ranged weapon, he would have had a greater edge over Tommy.