While I wait for their replies, I'm going to give some more inputs.
First, Sigmar has the AP advantage, since he apparently ranges between 8 to 12 tons, while Shao sits at 6-7.
This is already a disadvantage for Shao, since his fighting style focuses on overpowering and pressuring the opponents while withstanding their hits, and so far we haven't seen him fighting one whose blows are notably heavier than his, which might make it difficult for Shao to employ his usual tactic.
Although given previous knowledge, Shao should be more careful, although I can't think of any in-character way to deal with it.
LS-wise Shao absolutely destroys Sigmar, and as I said, overpowering the opponent, especially with grapples and throws, is something Shao does very often.
Given previous knowledge, Shao would likely try to seize any opportunity to grab Sigmar, while him would, in turn, try to avoid it, maybe with a hit-and-run tactic using his superior AP, assuming he knows and is willing to do it.
Skill-wise I can't talk yet, since most of it depends on what the Warhammer supporters will tell me.
Shao isn't that skilled on his own, and even then he's rather clumsy and doesn't perform well against fast and agile opponents.
By MK11, Shao fights mainly with his hammer (while in MK9 he was more of a h2h guy), and from what I see he has slight more range, tho I don't think it would be a great advantage, and it also depends on Sigmar's height.
Hax-wise, I really need input from supporters.
Shao doesn't use much of his supernatural powers in combat, and the most useful abilities are summoning his Dark Priests and weapons, giving him the option to counter situation where he is disarmed.
Even creating energy spears is useful, especially for ranged combat.
Speaking of Sigmar, would Ghal Maraz's abilities work on Shao Kahn? He is absolutely an evil being, but he isn't a Warhammer daemon.
We also need to establish if Shao's Wrath Hammer is considered a magical weapon, but I doubt it, since it has never displayed any special property.
If they work, Shao Kahn's pretty much screwed, since Dura Neg would kill Shao, and the hammer's presence would both cause him pain and prevent him from looking at it, hindering him immensely in battle.
Also, creating a shockwave to make Kahn trip could leave him open to a clear hit.
Finally, immort type 2, good stamina and the God King repleneshing Sigmar's stamina, make him more than capable of withstanding a battle with Shao and likely even outlasting him.