Few points:
- Light Arrows aren't really going to have their "super-effective against NNT Demons" boost due to Meliodas scaling significantly above 368 teratons. The Archangels are more powerful than the Ten Commandments but even their holy attacks were being tanked without much trouble, so Link would need a significant AP advantage for that to come into play, which he doesn't seem to have. Also due to the AP advantage, I'm not sure Link will be able to hit Meliodas' hearts so easily. His darkness, which he uses as clothes in his peak form, cover much of his torso (where his hearts are) and enhances his durability like armor.
- Other than that, I'm not sure how effective stone mask will be either. Meliodas has good enough sensing to detect energy from hundreds of miles away and he's dealt with an invisible opponent using sensing before, even while protecting Elizabeth.
I'll vote for Meliodas for the following:
- I'm inclined to give Mel the AP and durability advantage. While Link scales higher than 288 teratons since Argorok did that by roaring while severely weakened, Meliodas also scales much higher than 368 teratons for curbstomping late-morning Escanor, who's significantly more powerful than Tarmiel who performed the 368 teraton feat casually.
- It'll be difficult for Link to do real severe damage and to land his Light Arrows. Once Mel's Full Counter gets reflected by Link, he'll more than likely switch to Counter Vanish, and he can make Lostvayne clones to constantly use Counter Vanish around him while he focuses more on attacking. In addition, the enhanced durability from his darkness will make it more difficult for the arrows that do land to pierce him, and unless Link just happens to hit a heart, Mel's just gonna heal up. Link won't really be able to force him to run out of regen quickly either, since high-level demons can casually regen decapitation and bisection no problem.
- Meliodas has flight and has massive ranged and AoE darkness and Hellblaze attacks. If Link gets hit with a Hellblaze attack, he won't be able to put out the fire normally and it will continually whittle down his health.
- Mask of Truth shouldn't work since Meliodas completely resisted Drole's Magical Eye.
- Stone Mask shouldn't be too effective with Mel's extreme energy sensing and prior experience fighting an invisible opponent.
- Giant's Mask will be just like fighting Drole again. Just a big target for Hellblaze.
- Meliodas has superior fighting experience and skill.
- Link's main advantage is probably the speed of his Light Arrows, but like I said above it'll be difficult for them to pierce through in the first place, and Link will have a hard time aiming while trying to avoid Mel's long-range and huge AoE attacks, or dealing with Mel's close combat skill. Clones can also be used to confuse his aim.
All in all, I see Meliodas having many more advantages than disadvantages that I don't see Link overcoming to win the battle.