personally, If you put it in "real life" perspective, then I say 47 would win because Max couldn't really slow down time, although I think his aiming would still seem that way. 47 has a nice arsenal of weapons (the ballers are tight) and killer acuracy, and is good at stealth.
Now, if you leave it in "game terms" than I say Max with a slight amount of trouble because of his ability to go into bullet time and get excellent accuracy, but there is a small chance that 47's fiber wire or anesthetic will get the best of Max if he can sneak up on him.