Hmmmm, let's see
Cole is in deep trouble here. Most of his attacks rely on electricity and kinetic energy, so all of his bolts, and most of his rockets, grenades, blasts and rockets are basically useless.
However, luckily Cole isn't just limited to that. Once he realizes that his attacks are ineffectivec, he'll quickly switch tactics to better suit his situation. We've seen him do it with several enemies throughout the series.
His saving grace here is his flight, gravity manipulation, ice manipulation, regen and his speed advantage.
Luffy has the advantage in CQC, since he relies more on up close combat, Cole's no slouch but he's more of a range fighter who'll get up close if he has to.
However, his reliance on up close combat really screws him over here with Cole's planetary range + shields + flight.
Sure, Luffy can stretch to close the gap, and has pseudo-fought, but Cole has several means of blocking or dodging.
When Luffy does eventually close the distance (precog), Cole can easily send him packing with a Graviton Blast, which lowers the gravity of those caught in it. Cole can then follow up with numerous methods, such as turning him into Swiss cheese with a barrage of icicles being launched by a shockwave, or he can freeze him solid and then shatter him with the Amp.
Never forget that Cole's continuously pumping out energy in this form, so he doesn't have to worry about running out or getting tired. His regen should also be continuously working (should be Low-Mid, so any wounds he does receive should be healed up relatively quickly.
Also, stat amping and minor reactive evolution. It works in relation to how much energy he's absorbed, so he should theoretically be getting stronger as the fight goes on, meaning there is a chance his kinetic energy attacks may overcome Luffy's rubber body.
Not sure if gigawatt blades are usable in inFAMOUS 2, so I'm not gonna say much, other than they have sliced through electrically resistant foes before.
Draining is usually done as a last resort, but it's always an option, though it requires physical contact unlike Evil Cole. He just needs to get a solid grip on Luffy and start draining.
