Yeah, plus Kakashi's MS was able to warp Sasuke's Susano arrow when it was shot at him and it probably travels as fast as the Raikage, so if the Raikage dashed towards Kakashi to punch him im pretty sure Kakashi could warp him before he gets hit or if not Kakashi is smart and could find a way to pin him down and use it.
But in the end it would come down to if Kakashi could keep his distance, i mean a few attacks from Raikage in his lightning mode would kill/badly injure him but i would say Kakashi would win he may not have as much speed but im sure he could find a way.