One of my kickers here is any high explosives the punisher may be packing, grenade launchers, rockets, anything with an aoe range imo could really ruin Blade and DD's day. If DD survives a rocket blast I think Frank's damage soak would let him take on a wounded DD. But if Blade Survives I think the superhuman stats+recovery would tilt it in his favor if Frank didn't immediately hose down the area with an LMG or something.
I feel Blade is being greatly understimated here. Also while people make good arguments about the starting distance faving Frank, DD is a legitimite bullet timer with a radar sense. He's one of the best when it comes to dodging bullets. Although no street leveler can match Vash.😛
http://www.youtube.com/watch?v=WGtW3yxBwUg&feature=youtube_gdata_player#t=2m27s
If its Standard Gear,and Blade is fresh on his syrum. He could take this. DD and his club might not be a 1 hit to Blade but could put him down in a prolonged battle if can avoid any of Blades hits. Blades weapons might be vamp specific but they can still take out a "normal human" pretty easily.
Punny wins if he brings a RPG or bigger.