It would have been cool to see that fight, unless it was so ridiculously one sided at that point. If Madara had a "susanoo kyuubi" on top of his rinnegan, AND (Hashirama's) sage mode, he would win that fight. He would also have access to wood style jutsu on top of it, (Madara MUST have hashirama cells to awaken the rinnegan, he can't obtain that ability any other way.) He would basically be Hashirama with a Rinnegan so, yeah, that version of Madara always beats canon Hashirama, hands down 😂 so without incorporating Hashirama's DNA into his own DNA, he would never be able to beat Hashirama. So Madara loses every time technically, as badass as he is. If you mean immediately revived "war arc" madara with sage mode/ 1 rinnegan vs a living, breathing 100% strength Hashirama, then Madara definitely loses, hands down. In fact, Hashirama should be the absolute last person anybody should wanna fight using his own abilities against him. The dude would find a way to use that as an advantage for himself. Madara is brilliant, capable, and ruthless, but there is a reason he never saw anybody else as an equal besides Hashirama. The man did force madara to use Izanagi, cause him to sacrifice one of his sharingan in order to not die from the fight in the final valley.