Personally I BELIEVE given the feats that the Sannin all have chakras comparable to bijuus
The problem with Izangi is that it lasts for only one minute which means and every path can only use it once. And if you take out the main caster the paths will follow.
But I say Jiraiya takes out a bijuu with his unnamed Barrier when it tries to attack. He can seal a bijuu away in Barrier Toad Gourd Prison. Tsunade can probably throw (punch) one into a Toad Shop. Which leaves 3 bijuus and Tobi
Are you guys ready for the kicker? Oro summons the First Hokage who uses him mokuton to tame the tailed beasts and revert them back to their human forms. (assuming they ever managed to transform). The each recieve a 5 elements seal from each of the Sannin (Jiraiya said they all can do it) at which point they can no longer go bijuu mode though edo-hashirama is there just in case they do. From this point Sage Art:Goemon takes out one while Hashirama and Tobirama do battle with another, Tsunade is fighting one and oro is distracting Tobi. (let's face it you can't afford to take your eyes off of any of the Sannin in combat nor can you take your eyes of the any of the hokages) If Tsunade lands a heavenly kick of Pein it is all over for that path, samething goes for Body Pathway derangement, her chakra scapels, an army of mini katsuya's acid. By the way Byakougou is active.
I don't doubt that Orochimaru will wounded after his stalling encounter with Tobi but with Skin Shedding and Snake Gathering he'll recover from his wounds. Tobi will most likely have used Izanagi by now. Since Jiraiya is now free it would be best for him to restrain any remain jinchuriiki's with Wild Lion's Mane and Tsunade destroys them with her monster strength. Which leaves a fatigued Jiraiya, Tsunade, and Oro the respective summons and edo-hashirama and edo-tobirama against still fairly healthy One eyed Tobi. If Jiraiya uses Sage Art: Kebari Senbon continually Tobi will have to phase using out that tech. From there Oro may use Formation of ten thousand snakes to bind and poison him, or Tsunade may use her Body Pathway Derangement, or Jiraiya may use Toad Flatness Shadow Manipulating technique to hold Tobi still. Which ever sannin immobilizes him , the remaining two finish him off. That my friends is the power of the Sannin.
YES, I'm aware there are things possibilities I didn't mention on both sides of the argument but I feel they even themselves out. A large problem with this theory is we are unsure of what Tobi is capable of just yet and I'd be more than happy to revisit this scenario when we know more about his abilities.
Tobi or the Sannin could take this depending on variable but because of their experience as a team as compared to Tobi recent acquisition of the paths and the rinnegan I will say that Sannins take this Extremely High Difficulty. Though Gedo Mazo may completely screw them over but we don't know enough about it to know it's weaknesses yet and we know every technique has one. Therefore I didn't include because I can't reason on it.