Gumball isn't as skilled or vicious with the remote as Rob is, he only sent him to The Void with it and moved a few objects around to confuse Rob and whatnot. The pencil is capable of
creating interdimensional portals, meaning SpongeBob could definitely escape from there, and if SpongeBob were to land one hit on Gumball with the pencil's eraser (
which is in-character for him), then Gumball can say goodbye to his regeneration. If Gumball were to run away (which he always does as his first move in any fight), then
I don't see why SpongeBob couldn't overwhelm him with his teleportation.
Plus, if I recall correctly, the magic book can rewind time too, not to mention SpongeBob has a spare page of the book in his brain, meaning he can write things down a lot faster than Gumball can. Gumball only really used his magic book to reverse the effects of Sarah's fanfic anyway, while SpongeBob actually used his for power. It's apples and oranges.
As for Gumball's regen, SpongeBob's Mid-High regen is a lot more reliable, and Gumball is
not immune to getting
knocked out. SpongeBob himself is a master of karate and is a lot more bold in strategy than Gumball is, especially since Gumball's main tactic in a fight is to run away (plenty of examples on his profile), so if it came down to fisticuffs, there's that. To emphasize this, if SpongeBob were to notice Gumball's low intelligence (which tends to slip up in most fights Gumball has been in),
SpongeBob could use it to his advantage. And for hurting ghosts, Gumball's AP isn't high enough for him to reliably hurt SpongeBob if he were to become a ghost.
Also, I know nobody brought this up, but just in case: If the size difference is a concern, I don't see why SpongeBob couldn't alter his size via his shapeshifting or absorption. Those are key traits of his character anyway (though being smaller = a harder target to hit).