Weapon XI wins with some difficulty. Tony isn't agile enough to keep up with all the jumping around/teleportation that Weapon XI was doing. Plus those adamantium claws and optic blasts would wreak havoc on IM's suit.
He was activated prematurely to stop Wolverine and Sabretooth, so I believe he only had the arm blades. But then again, Fox is under the impression that if you heat Adamantium up, it can cut through Adamantium. So he very well may have had it.
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Ironman could get some wins with a knockout, but I see a big chase game with Ironman flying and Wade teleporting after him, guessing where he will be, with Ironman trying to blast him when he appears. One thing that will help Wade: He can keep his optic blast going almost continually and indefinitely can't he? that is going to be hard for Ironman to continually dodge. Wade can just look around and make it go everywhere. And it has a good range also. Look at that battle he had with Wolverine and Sabertooth on top of that big concrete structure. It's not going to kill Ironman, but it will knock him around in the air and I bet several hits will take him out. If he gets knocked around a bit, Wade can superfast teleport over and keep hitting him, maybe teleporting to his blind side over and over and blasting him (or cutting him). Or course Ironman can be on the offensive also, but I think Wade will have the advantage in speed plus surprise. Wade can more or less fly with his teleportation, plus he will heal from a lot of hits very quickly, so IM will need a good solid head strike or heart strike to knock him out IMO.
This is a cool fight whatever the opinion.