Ronan hits well outside his weight class. If he can land, he can cause some damage. Problem is he's just as glass as MM, which is where Exodus comes in. If Exodus can hold MM off enough to let Ronan land a cheapshot, then they should win.
We ignore his intangibility of course as based on comics.
Pre-flashpoint J'onn was established as using his TP 24/7 to restrain both the Key and Prometheus. Plus there are occasions where he'd be telepathically coordinating the League while fighting considerably pitched battles. Based on that, it would probably be rather difficult to lock him down to a solely TP battle.
That's where Ronan landing a cheapshot comes in for me. Though I use Exodus holding him off as a distractionary tactic, as opposed to locking him down.
Besides that showing, off the top of my head both Exodus and MM have decent multitasking feats to not be restricted to pure TP battles if it comes down to it. Though yeah, if they get locked into a high pitched battle, Ronan comes in and smashes MM.
If MM can lock Exodus down while being able to multitask though... I think his physicality and TP would be hindered enough that he'd be challenged on both fronts. One big hit can make the difference on both planes, but then again, Ronan suffers from MM syndrome too, but he's plain weaker. Coin flip for that imo.
I've wondered about this myself. It should be a viable tactic to a sufficiently gifted telepath, yet Emma Frost is the only one to ever accomplish that. Even the likes of Xavier, Rachel, and Sersi haven't replicated it.
Emma is the poster child for telepathic skill though, so maybe it's a testament to how good she is. On the other hand, Xavier blew Exodus out the water once he got serious, and threatened to permanently turn off Exodus's powers. And several X-telepaths have been upgraded since then, so maybe they could do it now.
I guess I should add Rachel technically did shut his powers off, but he was still using his other powers while she broke through his defenses. Not quite the wow factor of Emma's feat.