Well the battle could go either way. I tihnk it's all about there speed. Let's say both mages are lvl. 99 all magic and what not. Red could cast slient then Shazam Blue is basically gone (They got no items either). But if the Blue mage were to cast lets say.... reflect???? or Muddle L.3 it's fair to say that Red is goin down.
But I still prefer Red to Blue.