....Yeah Toji could have all the prep time in the world, but he still loses to Raiden in this key.
While Toji's enhanced senses means that Raiden's extensive stealth skills are most likely a moot point, Raiden's arsenal of ranged weaponry far outclasses most of Toji's own arsenal in both range and destructive capability, and weapons such as C4s and mines could allow Raiden to quickly prepare his own means of trapping Toji in a fight.
In addition, not only is Raiden obviously stronger than Toji, but its fair to say that he's also more properly trained as well. Raiden was trained by Solidus at a young age in hand to hand and blade combat, and fought in wars as early as 6 years old, and while Toji isn't inexperienced when it comes to fighting, he's more self taught than anything else due to having to rely on himself.
This of course leads into my last point: experience and battle history. While Toji was definetely a notorious threat in the world of sorcerers, his fighting style and overall experience is mostly tailored to that of fighting and killing sorcerers: people who are otherwise physically normal but have abilities that make them incredibly powerful through hax-like abilities. This applies to Toji's arsenal as well, as almost all of his gear is designed to fight sorcerers.
In contrast, Raiden was literally born to kill anyone that stands in his way. Not only has he fought regular men as just a child, but would later go on to fight a greater and wider range of enemies, such as Vampires, Metal Gears and even Cyborgs. For all the cursed tools Toji has, Toji himself is an otherwise strong human with a few magic tricks and is not really anything that Raiden hasn't faced before.
In short Toji's experience is mostly against one specific group of people (with his gear also designed around fighting them), while Raiden's experience gives him a lot more variety (with his gear also being non-specific). Toji being given prep time wouldn't help either as the Zen'in Clan's cursed tools storage doesn't exactly provide any tools meant against cyborgs either.
There are a few more minor details here and there that I also feel would tip the tide further in Raiden's favour, but for the most part all that I have written above is why Raiden would eventually win against Toji.
So yeah voting Raiden