DC52 said:
Link still beats Cloud,
Link's Magic Armor makes him immune to all attacks but it drains his magic, when link runs out of magic, the armor stops protecting him. An item Link has called Chateau Romani gives him infinite magic, yes a very broken and hax combo.
If link has infinite magic, Cloud can steal infinite magic through
Magic Hammer. Cloud can also remove buffs through the
Despell spell.
Links Red Armor doubles all of the damage Link deals
Barrier halves all physical damage Cloud takes, he can also use
Magic Counter to heal himself when ever he is hit.
Links Blue Armor halves all of the damage Link is dealt
Hero Drink doubles Cloud's Attack, Magic Attack, Defence, Magic Defence (using 4).
Shield Spell halves all of the damage Link is dealt, with infinite Magic via Chateau Romani, link can use Shield Spell as many times as he wants
Reflect makes Link want to cast this a total of 0 times as it'll double Cloud's Defences again instead of Link's.
Cloud's
Shield makes him immune to magic and absorb all elemental attacks, like Links "Holy" Master Sword if he's using it. As Link is supplying Cloud with Mana (whom has infinite magic according to your argument), Cloud can use it indefinitely.
Links Red Mail reduces the damage he is dealt by 75%
Double Cut Materia allows Cloud to attack 4 times at once, negating this.
To sum it up, the Magic Armor & Chateau Romani combo makes link immune to damage, Links red armor doubles his planet level DC, Links armours reduce his damage by a total of over 100% (75% + 50%) making him doubly immune to damage.
That's not how percentages work. 75% reduction is 25% damage taken, or 1/4, then 50% reduction is 50% damage taken, or 1/2. 1/2 * 1/4 = 1/8
Even with this, Cloud can negate Link's armour completely by casting a spell, or augmenting his weapon, to turn link into stone/ a frog / tiny or instantly kill him. Also Pandora's Box completely bypasses Armour.
Composite Link is a very scary thing
Source
As is Cloud, when a little thought is used.
I can give arguments to why either person can gain an advantage, however in the end I believe this battle comes down to terrain, cloud having an advantage on simple/flat fields and Link gaining an advantage as the field gets gets more complex.