This is actually a pretty tough match to call. Lizard was more than a match for Spidey, but Shredder held his own against all 4 of the turtles at once. Shredder's blades might have an easier time cutting through Lizard than the Lizard's claws will have going through Shredder's armour though. His armour was pretty damn tough. But on the flip side, any damage Lizard does lasts, where as any non fatal damage Shredder does will heal pretty quickly.
Originally posted by Scoobless
Lizard took full auto fire from SWAT and wasn't bothered much by being frozen and having his limbs and whatnot blown off... given his strength and speed I'm not sure Shredder could manage a win.
Getting shot is not the same as having a gigantic blade magnetically propelled through your body at high speeds. And while true he could rapidly regenerate his limbs, Shredder has shown plenty of times he doesn't f*ck around and will try to kill him immediately. Like when Raph had to save one of the brothers from getting his skull chopped in half.
And all of the Turtles are super strong, super fast, etc... And Shredder had all of them on the ropes until they played buck buck.