Classic Madara should win this one. It was always said that when the Senju fought the Uchiha, Hashirama would always fight against Madara because he was his equal in strength. Why did Tobirama never fight against Madara? And if Hashirama was so much stronger than Madara then why was he never able to kill him?
As well as this Tobirama got taken out by 20 elite ninjas. For some reason I don't think either Hashirama or Madara would fall so easily and if either was near Naruto's level right now (Which Edo Madara seems to be at), 20 ninjas would be nothing.
It could be close but there Madara should win this one in most scenarios. Especially if he has his Uchiha fan which absorbs and reflects all jutsus.
I don't know about Cervantes's real body but I assume it's the one in most SCs. If so he can pretty much dive/fly, plus one of his swords has a gun on it which gives him a little edge. Also I believe most it's implied most of the warriors in SC can take on small armies by themselves.