I want to say that the whole "I have no soul you can't touch me" thing is PIS. However, it really isn't. Despite Post-Crisis Spectre being a big jobber he was rather hard to peg power wise. Take for example when the Spectre faced off against the King of Tears; a Lovecraftian elder god horror that was all powerful in it's own realm. Hal Jordan faced off against the thing, and could do anything against it since it had no soul; however when Jim Corrigan was the host he was creative, and found a way around that by transmuting the King of Tears into literal tears, which was stored into a bottle and locked away.
Any who the battle will most likely go to the Lanterns if it's every single member including the guardians, and the emotion entities. Normal no named lanterns are already herald level in power due to their rings capablities, then the new guardians are skyfather level beings; probably not around Odin with the exception of maybe Ganthet. Then you have the emotional entities such as Ion, Parallax, The Butcher, etc who are abstract beings. Odin with the destroyer armor will give them a good fight; especially since the Destroyer Armor with the Odinsword was able to dismember, and impale celestials (Despite them able to simply regenerate, and stomp Odin with eight of them jumping him all at once.)