he is not underrated he knows martial arts but beat people on a set of low level fighters, rorschach knows boxing and uses gymnastics for agility and niteowl has no extensive martial arts backround, ozymandias got beaten by a younger comedian and which he still knew martial arts... i mean and people who use oh yeah he beat round rorschach and nite owl and a comedian he caught off guard that don't stand with me. i have got the watchmen novel and infact a very avid fan of watchmen but he is not supposed to be used in battle forums. the only one remotely powerful is dr manhattan also the old bullet catching trick aswell i mean it is a feat but i mean i was watching stan lees superhumans there was a guy who used a katana to cut a bb gun pellet in half so really the whole bullet catching feat is iffy and do not believe what you read in before the watchmen that is not canon i would consider them a reimagining of the whole series in all honesty basically all watchmen characters excluding doc m are low street levelers who really shouldn't be compared agains't people who fight tougher all the time.
Jason should win this. Ozymandias went up against a two low level fighters in his lair. Nite-Owl was out of shape and Rorschach is a pretty basic fighter. When he was younger the Comedian was evenly matched with Ozy and he beat him by using dirty tactics. Jason is just as likely to fight dirty against an opponent and at the best of his ability is arguably better at hand to hand than anyone in Watchmen universe. Since the fight is only hand to hand Ozymandias won't be able to use all the toys in his lair to his advantage either.