Hmm.... I would say Team 2 personally. While I feel the best match-up for them is SoR Revan VS Malgus and Bane VS HoT, I still believe either way they would emerge victorious. Though the opposite match-up may lead to the HoT being wounded or, less likely, killed, Orbalisk Bane is stated to have a heavy-handed, fearless and almost careless style, due to the Orbalisks, the HoT has the skill necessary to fend him off until SoR Revan demolishes Malgus. While Malgus is strong and a definite animal with a saber, Revan's immense strength in the force is simply too much.
(Also as an after-thought, isn't there a dialogue option where Malgus himself admits he would be no match for Revan? I feel that it is either during the Foundy lead-up or FE though I could be wrong)