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The lizard just killed master Splinter so raph is coming for blood.

He gets standard equipment.

Fight takes place in an underground parking lot.

If raph is getting overwhelmed he only gets leo for backup. Who takes this?

Raph bloodstomps him.

No so sure, Raphael might not actually be stronger, considering Lizard was stronger than Spider-Man (iirc) and has a healing factor better than Wolverines.

If Raph had a sword that could decapitate the Lizard for a quick win, I'd give it to him, but the sais won't be a problem at all for Lizard's HF.

With Leo, I can see a decapitation happening and that should in theory put the lizard down.

Lizard. He's likely stronger and faster, and his HF will negate Raphael's sais.