Edited: He has the location advantage and skills (Edo Tensei, Master in the Water Jutsu, and Space/time Technique) to surpass or stalemate the battle against the First Hokage.
Tie probably. The first hokage is powerful but the location is in the second hokage's favor. He can do water jutsu in 2 or fewer hand seals so he can easily summon something like a water dragon very easily. The 2nd hokage also knows edo tensei and has powerful space time techniques. To what extent however we don't know.