All depends on how much leeway Odin is allowing Loki at the time. If Odin does not know Loki is in this fight or if he does not care, he will let Loki uses his full powers, ie reality warping, high level tk and telepathy, magic second only to someone like Dr Strange, etc....plus Loki is Superhuman physically, so if he gets in close he will crush her...
Loki should win unless Odin is restraining his powers.
__________________ Among the tales of sorrow and of ruin that come down to us from the darkness of those days there are yet some in which amid weeping there is joy and under the shadow of death light that endures.
J.R.R. Tolkien, "Of Beren and Luthien" from the Silmarilion
As stated, "properly developed, hers is a power that one day will rival even that of Stephen Strange, the Sorcerer Supreme, himself!". Talisman is equal to Dr.Strange even beat people Strange couldn't. She is also a high level reality warper, tk user, telepathy and controls the spirits of the world. She even has controlled Elder Gods due to they were from the spirit realm.
Talisman has taken a blow from Thor and not been "crushed" and she was exhausted at that time as well.