Tsunade is a living tank, but the paper can kill her. This seems legit.
Nah just a very bad match up. Tsunade will never get a hit. Its more of a no contest but Konan has the advantage so she wins.
You are oversimplifying this. Konan's papers aren't impossible to avoid and his paper form constantly drains her chakra. The shockwaves of Tsunade's attacks can repel any of Konan's attacks, including her paper body. Konan gets outlasted or melted by Katsuyu's acid.
But look when Konan sees her paper bombs dont work because of the shockwaves she just stops attacking and stays in the air above Katsuyu's acid range. She decides the battle whether she attacks or doesnt, not Tsunade, that is why she wins.
Also again bad match up, Tsunade is still top kunoichi overall IMO.
So how is she going to beat Tsunade with this strategy? Also keep in mind she is using chakra to fly. She can't stay there forever.
That is why I said this is more like a no contest since its not really a fight. But Konan has the advantage since Tsunade will never land a hit.