Sans that, it would likely be a stalemate. Max may've had the power of God, but he did not possess even a fraction of God's knowledge/know-how(which ultimately neutered him quite a bit, tbh.) Conversely, even though Jaspers was one loony motherf*cker, his depth of power within his warp was still ridiculously extensive. Under the right circumstances, Jimmy could very well beat Max, imo.
Max had some similar traits to his Wildstorm compatriot The Doctor, in that his potential power far outstripped his usual usage of it, usually due to CIS. His whole schtick was a regular guy who becomes a god, and doesn't exactly know what to do with it. As such, in situations where the nature of the powers is a bit of a wash, I'm less inclined to pick him.
Also depending on the moment you take Max, MJJ stomps. After the Number of the Beast, for example, Max was only able to take care of a small region of America, iirc. Creation Engine power was a tricky beast, and writers started giving characters nebulous "portions" of it after a while, instead of its totality.
That said, yeah, it's one universe/ominverse-level power (depending on interpretation) vs. another. There probably isn't a definite answer here.