Round 1: Blade gets some arrows delivered to him courtesy of the elf prince.
Round 2: Could go either way, can't think of a clear victor off the top of my head.
Round 3: Blade all day. Blade was spitting up blood and getting worn down by Nomak 20-foot elbow drops and Drake demon-form body slams, but never went down for the count. Legolas won't be able to hurt him enough to take him down, so Blade's super strength, durability, and skill take the day.
EDIT: Round 1 forgot about guns. Legolas could win through a well-placed stealth shot to the dome or heart, otherwise, Blade has automatic weaponry FTW.