Tough to say as Link's Triforce of Courage should not give him a boost, here: Spawn is supposed to be a good guy.
Spawn's telepathy is limited. It is not actually telepathy, it is empathy: he can feel feelings but not direct thoughts. He also does not have "control over nature": it is limited to very specific stuff. Also, each power he uses and to what degree of power he uses it, drains the meter at a different rate.
Spawn also can call out some of the souls within him called the "Legion" to help in combat.
I say this match is much closer since Link gets all of his equipment. Spawn wins by attacking too many times at once and from too many directions. Link will not be able to block all of it. It gets worse if he calls his Legion souls for assistance.
Link fights with intellect so he may be able to eek out a win every 100. He still has great strength and durability so he is not quite like a low-level demon that Spawn can easily dispatch. Meh, let's just say Link gets a lucky slash in every now and again but loses almost every fight.