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No magic, no energy blasts. Just pure h2h combat.

Probably Tony.

Loki's stamina and physical stats don't make this a stomp, though.

Both have their highs and lows, but Loki high's are higher, he's more durable more often than not and he looked superior in their only physical encounter (He shrugged off Stark's punch but he had a hammer when he swatted him away). The only other semi-direct comparison they have is JMS' Spider-Man and the way Loki was completely no selling Peter's punches portrayed him as beyond his Iron Man.

Good fight. Not entirely sure who'd win, on average anyways. Loki isn't seen as a physical powerhouse because of the way he contrasts with Thor but the guy can be pretty beastly.

Was Conway the one who wrote that scene where Thor and Iron Man clash only for Stark to be promptly overpowered? His Loki held his own against Thor in a slugfest until a double hit to the side of the head IIRC. Of course, Iron Man's armor has been upgraded since then but he still won't fair any better against Thor hand to hand.

It's been a while so I can't remember very well.

Does Loki have weapons?

Does Tony have Thrusters still?