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the two collapse on a merry-go-round that goes on forever

Punisher wins.A guy with all kinds of guns versus a guy who just has arrows?C'mon!!!

To quote the Punisher: "I'm a house."

Green Arrow has more experience, more skill... he can take this, but not easily. If Green Arrow can take out Drakon, he can take out Punisher.

punisher is given 4 pistols

8 bullets each while green arrow has 15 arrows

Then GA definitly. Punisher isn't pulling this off with 32 bullets. Considering how fast GA is, I'd say he might take 3-4 bullets, which won't stop him. He can shoot his bow one handed (Using his mouth), and has taken more than a few gunshots and kept fighting.