Changing vote to inconclusive.
Since the mechanics of death magic are ambiguous at best, we can only assume it just causes death
To what extent, don't know. But it has never been used on someone with Cole's level of regen. Add that with his ability to restart his vital after being dead for 5-6 minutes, it's even more likely that he can survive death magic.
Both have high levels of teleportation, and speed is equalized.
Time stop is a thing, but whether or not he'll use it in battle is a legit point. Or CIS, don't know, take it up with Hiro Mashima.
Both are arguably serious at this point, so it's a tough call.
Cole at this point is dead serious, willing to take down anything that'll pose a threat to his goals, so he'll most likely start off with a Ray Field Blast.
Zeref is a pretty dead serious at this point as well. After gaining the new form, he instantly rammed his fist through his brothers chest without hesitation (why he didn't use his more haxy abilities is beyond me. Arrogance? Confidence? Your guess is as good as mine). He also seems determined to reach his goal, so he'll likley start off by goin for the kill. Thing is, as we saw with Natsu, what his first killing move will be is unknown.
If he tries to impale Cole with his fist, ***** gonna go south real quick. If he starts with death magic, he's got a good shot.
So, really it's whoever lands the first shot, and who uses their best moves first. Both are serious guys, so it's a coin toss at this point.