Drax cannot be slain by physical means. In addition to Immortality, Drax has Unearthly Life Support, Regeneration, and Recovery powers, and is invulnerable to heat, cold, electricity, radiation, toxins, and disease. However, Drax can be Slammed or Stunned by physical attacks. Drax can only be killed by a mental attack. He can fire concussive beams and can fly at 700 miles per hour.
Gamora has the time gem, and is capable of warping and manipulating the flow of time. Duplication (by summoning an alternate future counterpart)
Lightning Speed
Multiple Attacks
Paralyzation-Others (freeze time around foes)
Suspended Animation-Self and Others
Teleportation
Adam Warlock possessed a green soul-gem which adhered to his forehead. Its precise origin unknown, the soul-gem is one of six of its kind. The soul-gem enabled Warlock to project beams of concussive energy (whether it was his body's own energy focused through the gem or the gem's energy is not known), devolve organisms to more primitive states, and absorb the souls (life forces or consciousnesses) of other beings. The more Warlock employed the gem for the latter, purpose, the more the gem began to influence Warlock's mind to provide it more souls. The soul-gem appeared to possess a consciousness of sorts. The soul-gem contained (or was a portal to) a small dimensional world where the souls absorbed by the gem would have a shared subjective experience of a peaceful, pastoral valley. Warlock's soul-gem is the only one of the six known to have "vampiric" tendencies.
Adam Warlock possessed superhuman strength which he could increase even further by enhancing it with cosmic energy. Un-enhanced, Warlock could lift (press) about 4 tons; enhanced, he could achieve ten times that level of strength for brief periods of time (less than one hour), as when he battled Thor.
Adam Warlock possessed a number of superhuman properties and powers derived from his artificially determined genetic structure. His bone and muscle tissue was denser than human, endowing him with superhuman strength and resilience. Among his body's special adaptations was an enclave of cells able to tap and transform cosmic energy for personal use. Warlock could use this energy to enhance his physical strength, endurance, and powers of recuperation. He could also employ cosmic energy to negate the force of gravity beneath him, enabling him to fly. In an Earthlike atmosphere, Warlock was able to attain the speed of sound (770 miles per hour). He could use his cosmic energy to locate and enter natural space-warps (discontinuities in the fabric of space) in order to traverse interstellar space. He could also project cosmic energy from his hands as concussive force. The potency of these blasts remains unknown. Warlock's energy manipulating powers waned at the time he was given the soul-gem by the High Evolutionary. No longer could he direct concussive force from his hands or enhance his strength. Whether this power limitation was caused by his symbiotic relationship with the soul-gem or some other factor is not yet known. When Warlock was summoned from the soul-gem to defeat Thanos, he seemed to possess these cosmic powers once more.
He CAN control the very fabric of space. However in every battle they've been in he only teleported. He didn't possess the mindset to fully control the gem.
This battle is very even in fact. With Hourman's Worlogog, Metron's Mobius Chair and Superman's 5th dimensional abilities, the Infinity Watch could lose.
I believe the Infinity Watch will win. In the large scope of things, this is far from an even battle. If Adam doesn't absorb all of their souls into the gem, Moondragon will take telepathic control of all of them, or Pip could cram them all into a black hole. With Gamora's complete control over time, the JLA will be frozen. Or Drax could blast them into nothingness with the truly infinite power of the Power Gem.
All of the infinity gems have infinite control over their aspects. This is far from even.
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I know you're right about the Living Tribunal not having the reality gem, but I'm still not sure that Thanos has it, nor am I sure that he was made a member of the Infinity Watch...