I like the idea of this fight, it's a good match. After thorough analyzation, I've come to the conclusion that team 2 stomps. I would have to honestly say "remove Killer Bee to make it a good fight", I originally analyzed the fight for a good 2-3 minutes before I realized "B" meant "KB".
With Killer Bee, team 2 obviously wins and gets the upper hand quite easily and trumps them, I'd much rather leave out KB so the fight becomes more interesting.
Without him, it becomes a much better fight IMO because KB's just that good. Gaara is great support and team 2 can fly because of him and Onoki. Onoki has mass scale jintons and doton Gaara has field control. Gai himself is simply Gai, he's faster han msot of the other team and can destroy them w/ Hirudora/Asa Kujaku so they speak for themselves. A is A, he can provide whatever help he can while he's there.
Jiraiya provides the most support easily iwht his large scale and versatile move set, summoning all the boss toads will serve extremely helpful. He has detection barrier for Muu as Gaara has sensing sand, Trollkage's clam will be wiped out by a huge scale Goemon, Gamayu Endan, Jinton or similar. Kimimaro is a no-brainer, 3rd Raikage falls to Onoki's fuuton, Kisame and Itachi are easily taken out by the combined forces of team 2.
All in all I think team 2 has effective counters to every one of team 1's techniques and come out victorious in the end. Without Killer Bee of course, with him it's a stomp IMO. Bijuu hachimaki utterly destroys the other team and counters everything they have, AKA muu's flight, clam mirage, mountain busting bijuu damas tear them apart with 0 difficulty.