I'd have to go with Etrigan. Raven and Cyborg can give him a hell of a fight, but he's overall tougher than Cyborg, and Raven still isn't quite up to her heyday yet, so Etrigan can resist most of what she's going to dish out.
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I think the team has a pretty good shot at besting Etrigan. Raven's soul self was able to knock out Supergirl, who I consider to be around Etrigan's strength level. Moreover, Raven mentioned how she wasn't going all out and wasn't afraid to spank Kara. Add in cyborg, who was a beast in his mini and I say the team takes the slight majority from the Demon.
While I don't disagree, per se, with your rationale (it's not unfounded), I think salient details play a factor: Raven's powers are inherently mystical, thus making her Soul Self/Avatar more effective against many types of opponents, and less-so against those who are more mystically resiliant. And Cyborg is no slouch, that's for sure, but I just don't see him as a direct match for Etrigan. He'll hang for a bit, and certainly put up a good fight, and I don't think Team is going to get WTF slammed, but Etrigan is physically more powerful than Cyborg, and certainly at least on par, mystically, with Raven, if not moreso. Team's main advantage is that they are 2on1. Not a bad match-up, but Etrigan makes it work...
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