Isn't current Psylocke immune to TP? If so, I'd give her (in tandem with Emma's TP abilities) the edge over Jean. Negating Storm's range would be a bit of a problem, but I think a TK attack by Psylocke would be enough to knock her out of the air and let Colossus finish her off. That'd leave three on one and thus= win for Team 2, IMO.
Jeans TK prowess is in excess of Psylockes. So a TK battle between the two would imo eventually end in a win for Jean, however such a battle would keep the two occupied.
Emma can only use her TP in human form and with someone like Storm around who has long range attacks, she couldnt risk that, so she would be stuck in diamond form.
Rogue is stronger than Emma based on feats, plus she could absorb Emmas powers whilst Storm kept Colossus at bay with wind and lightning. Then afterwards, the two together would make short work of Colossus and they could back up Jean.
Psylocke couldnt have a TK fight with Jean and withstand a barrage of lightning and super strength blows from Rogue to her shields.