Majora wins!! Only Majora's Incarnation acted strangely...what with the dancing and all but we see Majora in his Incarnation form being able to move so fast he can create after images. Wrath has a great deal of range to his attacks plus the spinning tops.
Zant's powers are from Ganondorf who is > Majora. It's simple as that. Zant may be a man of utter insanity under his collected demeanor (I actually liked the transition), but it's implied that Majora has the mentality of a reckless child, which isn't too different when it all comes down to how they act. Still, no matter the form Majora takes, no matter the levels of sanity (or lack thereof) that they possess, I can only see myself giving it to Zant. The only way I see Majora having an advantage is if they fought on his own turf (the moon). Otherwise, Zant will switching the environments to and fro.
Are you suggesting that Ganondorf gave Zant 100% of his power? Or how about the fact that Majora was able to pull the moon from orbit and over power the four guardian gods, frankly based on feats alone Majora is stronger than Ganondorf because the biggest feat Ganondorf has done was destroy his castle and kill a sage. Majora pulled a moon from orbit and sealed away the four gods.
I am suggesting it, yes. Majora can pull as many moons as he wants, but until he drapes the entire REALM of light into the spread of Twilight, render the four guardians of Hyrule powerless, seal away the power of the Mirror of Twilight, call forth Twilight at his own whim, change the area into an entirely new one with his powers, or twist his body 180 degrees, I'm not convinced that Majora is at Zant's level of power, even IF it was only a fraction of Ganondorf's power that was granted to Zant. Zant wasn't even completely dead until Ganondorf was defeated. Ganondorf had done the exact same feats that Majora did (conceptually), only to a higher degree and more than once.
He was full insane when he fought Link, who managed to win cuz of his weapon. Majora will just be dancing Incarnation-style and it won't do a thing when Zant TK's and Twilights his ass nine ways till sunday.