True, but not quite at Khans level. All Khan would need to do is flip/toss Wolverine out of the ring, which again is quite small, and he wins. Wolverine doesnt do that well against fast, agile targets (Mystique, Deathstrike), he wins because hes virtually impossible to put down, but here Khan doesnt need to put him down, just get him out of the ring, which he does have a chance at doing.
Khan could Never actually beat Wolverine in a fight, but with these rules, there is certainly a chance.
Not saying itll be easy, just that there is a decent chance Khan could do it. Looking at how he moved and fought, seemlessly, against the Klingons, always had the next move planned and flowed along to it. Id say he physically is the equal to Capt from the movies, and that to me is faster and more agile than Wolverine (truth be told, probably physically stronger than Wolverine as well, or at least at that same level).