Well being able to fly helps. Instantly he limits his threats to Iron patriot and Havok. Namor has completely trashed Iron man before, and has the agility to avoid Havok's blast for a time. Granted he'd have his hands full with the ground team, but I'd think he could make them struggle given how weak Daken and Ares have been written recently. Would he win? No I guess he wouldnt, but he'd put them to work enough well enough that I have no question he'd win with 3 team mates.
I don't think he could solo Ares and Iron Patriot, but most of the Asgardian Gods just have a Strength Class of 30 and the ones with high level magic are the ones that don't give a rats about Asgard.
Not that it matters because Team 1 win but this is Diamond Emma right? Otherwise they'd be a telepathic smackdown on top of the physical/energy beatdown.
Diamond Emma gets BFR'ed if Iron Patriot has any sense at all. Regardless Magneto just puts this over the top. Can probably solo his own team along with theirs.