This fight can go either way. At full power it would be an interesting fight.
Orochimaru with edo tensei prepared, would make life very hard for jiraiya. If hashirama was to use bringer of darkness that would make life even trickier for jiraiya who would definitely need sm to stand a chance. Luckily he has good counters for bringer of darkness in either the tengai barrier which detects movement or using gamahyoro barrier where he can retrieve at any time. From the Db entry it seems like he couldve used this technique to enter sm instead of fighting/evading peins summonings why he didnt is known. The only possible explanation is that that technique takes jiraiya into a frg's stomach, somewhere he cannot gather nature energy from or possibly he cannot summon the two great sages whilst in this barrier;
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If jiraiya manages to enter sm i give him the advantage over orochimaru. The 2 sages are alot wiser than orochimaru but also their attacks would pose the former kages problems. However any of their katon variations either a collaboration or any oil based attack would be nullified by Tobirama's suiton jutsu's.
Jiraiya's trump card would be gamarinsho because it affects numerous opponents therefore the two kages would be caught in it along with oro but also its impossible to escape it.