This fight would be pretty insane in my opinion, because they are both extremely strong, I mean this two are one of the strongest characters in narutoverse.
Madara (in his prime) with 2 Rinegan and Rinesharingan .
Toneri (prime) with Tenseigan in his chakra mode.
first let’s talk about their techniques, strength, speed … etc.
Toneri unlocks the Tenseigan Chakra Mode, cuz of Tenseigan he can use all 5 nature types, Yin , Yang and Yin-Yang release. With these eyes, he can control attractive and repulsive forces that are capable of lifting the rocks of the Moon to use them as projectiles and pull the Moon itself towards Earth without the use of the Energy Vessel. In his Chakra Mode his speed , strength durability are growing. He was able to fight toe to toe with Naruto. In ninjutsu his skills are amazing, he could even cut the moon in half with just only one swing.
Golden Wheel Reincarnation Explosion
He could also control a golem, that was powerful enough to fight on par with kurama.
He gained 9 truth -seeking- ball and infinity chakra shield
He could absorb narutos chakra from Long distance. We all know that narutos chakra reserve are with par with Full power madara and when fighting toneri his chakra reserves are even bigger because he gained other half of kurama, that did not stopped toneri to absorb his whole chakra in seconds…
and Toneris chakra was similar to Kaguya.
After Kagyua’s appearance , sasuke was shocked , he couldn’t imagine if such creature ever lived. ( even though 2 minutes before, he was fighting madara ).
Now let’s debate about Madara.
He had almost whole 10 tails inside of him , 2 Rinegan and Rinesharingan. His main abillity was Mugen Tsukuyomi, but it needs time to cast, also it’s working only 10 minutes. Wood style, 5 nature type , Yin,Yang, Yin-Yang release, Gudoudamas, Chibaku tensei , Limbo and etc. As official websites stated Toneri’s chakra is same as Kagyua’s. Madara wasn’t even close to Kagyua , because she had all people’s chakra + 10 tails. That means Toneri has adventage, also if something happens he can suck Madara’s chakra very fast.
As we know Light Fang can cut everything with the speed of Light
but naruto was able tu dodge it , easily. 19 years old Naruto is more faster than this version of Naruto. if 17 years old Naruto was faster than madaras techniques and could go against him with no any problems, that automaticaly means Toneri’s speed is higher than Madara’s. Naruto had full kurama (his speed was better than before) but that wasn’t enough to beat him. I think he can feel Limbo just like Naruto did because he is flying that means he also has six path senjutsu which allowed naruto to sense limbo. Just like Naruto did, Gudoudamas are enough to stop limbo. without shinju ,Gai’s attack almost killed Madara. If Toneri will just cut his head off, battle will be over, because he can’t regenerate his brain. Better chakra, better strength, speed, techniques, defense, durability. Regeneration is only component, that gives Madara advantage, but if toneri absorbs chakra or damages madaras brain in great extent he will win.
Mugen Tsukuyomi can be casted, but Toneri can stop him, he holds information about the jutsu and arguably tenseigan must block the jutsu even if it’s casted because, when kaguya casted the jutsu both rikudo with rinnegan and hamura with tenseigan could withstand the genjutsu. Chibaku tensei is nothing to him, he can just cut all of em in one swing or just dodge it, he don’t need to destroy em.
Madara have nothing against Toneri , thats all for today.