I'd be inclined to agree with you guys. To be honest, I'm surprised no one has spoke up for Lex Luthor so far. To play Devil's advocate, and because I do think that Lex Luthor is a worthy opponent for Doctor Doom, I'll make a few points for scenario 1:
1) Luthor is an economics genius of far greater magnitude than Doom. True, Doom's no slouch economically, but he rose to power through para-military and political means. Luthor built an international multi-billion dollar corporation from his dead parent's life insurance policy. In Doomwar 4, we saw Doom lose every cent of his funding to hackers. I doubt that kind of thing could happen to Luthor. The thing is, Latveria's (or Doom's if there's really a difference) economy or more specifically, it's military-industrial complex, isn't completely isolated. Doom has doombot assembly factories and secret operations bases located all over the globe. Presumably, these facilites are built and (in the case of the doombot assembly factories) operated by outside contract. These contracts are carried out by companies that can be bought and sold by Lex Luthor if had the desire to do so. Full-scale economic war could also lead to civil unrest in Latveria, further taxing Doom's resources. It was said in Doomwar 4 "Not even Doom can wage a war without funding." The guy who said that was underestimating Doom, but he wasn't too far from fact. Doom's vast armies and technology all cost money. True, economically crippling Doom wouldn't defeat him, but it could weaken him and furher isolate him.
2) Luthor is a master of political spin. Doom is a political genius in his own right. He's conquered Latveria, reconquered Latveria, and abused diplomatic immunity numerous times, but Luthor, as dirty as he is, got himself elected President of the United States. Doctor Doom and Latveria's reputation is already pretty bad. It wouldn't be much of a challenge for Luthor to do things like convince the UN to pressure Latveria to allow in weapon's inspectors, covertly fund an armed rebellion in Latveria, or turn any of Doom's normal, aggressive moves into a war with a coalition, possibly forcing Doom to tread lightly in some situations.
3) Luthor's power-base is corporate, Doom's is political. That's a major advantage for Luthor. You see, corporations are fluid. If, at any time, LexCorp went under (not likely), it could file for bankruptcy, liquidate its assets including debt, and Luthor could start anew with capital from his own personal funds (which would be untouched by the hypothetical corporate bankruptcy). If Doom wants to conquer, say, Romania, he'll have to invade it, occupy it, fight a guerilla war, face the condemnation of the entire world, and his sphere of influence is still dictated by what he can control by force of arms or the threat there of. If Luthor wants a hostile takeover of, say, British Petrollium, all he would need to do is by enough shares. In addition, his reach is global and protected by not only his own security forces, but by the law enforcement and military forces of whatever nation hosts his corporate assets.
4) In regards to intrigue and science, Luthor is on par with Doom. If Luthor was to send someone to outright assassinate Doom, he might end up assassinating a doombot instead. Like wise, if Doom sent someone to kill Luther, he might end killing a clone or extradimentional doppleganger instead. Doom orchestrated a coup of Wakanda. Luthor orchestrated a war between DC's supervillian community. Doom is master of robotics and AI. Lex is a master of the reverse engineering of alien technology.
True, Doom does have more resources than Luthor, but Luthor wouldn't use just his own resources. The one greatest advantage Doom has over Luther is his mastery of magic. Luther really has nothing to counter that, but Doom wouldn't be who he is if he were nothing but a sorceror. I honestly don't think Luthor could really beat Doom in scenario 1, but he could hurt him.
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