I'm going to bet on Luffy extreme/high diff, I think he could take the advantage thanks to his fruit

Honestly I reckon Luffy

EQUAL

Equal. Luffy still has a huge time limit with his awakening and Luffy imo is still around Akainu caliber which I see Rayleigh being at. If Luffy can't beat Rayleigh quick enough, Rayleigh more than likely has this considering Kizaru was able to beat Snakeman Luffy fairly well.

Bro Rayleigh is the right hand man of gold d roger and taught luffy haki. Extreme diff but the pirate kings best man aint losing