Step 1: Raiton vs Kabuto
This jutsu isn't an effective counter to beat Kabuto at all. As Kabuto liquification doesn't come from Hozuki clan. Kabuto stated that he study their bodies and adapt his own. Kabuto stated I "used my own body fluids" as an exception. To clarify even further he stated the context between Suigetsu's and his. [
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] he tells Sasuke, that Suigetsu/Hozuki has the ability to convert his body to
water and back again. So by context Kabuto is using biofluids(body water) while Hozuki clan uses water.
So what if its a little different? Well here is why: Raiton isn't natural lighting, meaning it can be manipulated for specific reasons like: Ay (amping speed and focus penetration). So basically just by observing the manga, if we focus on Raiton landing a hit on characters they never electrocute characters unless Suiton or water is being applied. So if Raiton really consulting against body fluids [
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] would electrocute the character. But as you see Orochimaru was fine and even blood was able to spill on Raiton. And of course explains why Onoki was able to ride and touch Ay Raiton shroud. So in the end since Kabuto is using biofluids we can applied it as if it were to land to any character thats not on Suiton or Hozuki clan.