This is a close one.
I terms of strenght i have to give it to Link, Ragna is definetely strong but i don't see him overpowering Link in terms of raw strenght, but thats ok because in terms of durabillity Ragna wins. Since speed is equalized this means we won't find a winner in the physical departmeant.
This is where it gets tricky. When talking arsenal Link obviously has the bigger one. But that doesn't make it better. Most of Links arsenal is focused around exploring and not directly fighting. Examples include but is not limited to: the hookshot, iron boots, his ocarina, faroe's wind, bottles, fishing rod and so on. We also have to take into account that some of the heros weapons are useless. His bow and arrows are one such weapon(when not infused with magic). When all of that is gone, all we're left with is his swords, his shields, his magic and the Fierce deity's mask. On the reapers end we got: A sword that can turn into a scythe, Blood Kain IDEA and since there's no soul hax..... his fists and legs. Now most of Links swords are even with Blood Scythe and while he does have a shield, Blood Scythe is(as the name inplies) also a scythe. As a result i'd say this is about even. I would say the same about Fierce deity and Blood Kain but the latter has a time limit, the former does not. What remains at this point is Links magic vs Ragnas fist. Yeah no surprise, Link has the better arsenal.
This does not mean the end of the ss-class criminal however. We stillneed to cover their pure raw skill. At first glance this shouldn't matter because Link has actual strategy while Ragna just rushes in. But thats where you're wrong. As i said befire, Link is an adventurerer(if that's even a word) and as a result he doesn't have a lot of experience in direct combat. Ragna on the other hand has been training and fighting for years and has taken on entire governmeants when he was still new on the battlefield. Hell the majority of chrono phantasma is dedicated to Ragna increasing his skill level and this is evident in his fight against Azrael: In this fight Ragna is not only fighting without his soul hax, but without his right arm entirely(and he is right handed too). Compare this to Link who has way less experience and the exp he does have is against mindless enemies and the occational boss with a predictable pattern. Ragna may have an aggresive fighting style, but he knows when something isn't working. Giving Ragna the skill advantage.
Now at the end of the day who do i think would win? As i said in the beginning it's a close one but in the end Ragna deals with more dangerous opponents more often and Link has limited amounts of magic(a huge amount, but still limited). so eventually the beast will overcome the hero. But that's ok because it's a friendly spar so Ragna just offers him a hand to get back up.
The winner is Ragna