pain power wise would desimate itachi but
Itachi had a absolute solution and counter so even though Itachi is weaker he is in fact the counter to nagato because of his unique susanoo
the only thing i could think Nagato could do is disable yata mirror with the chakra absorption since its not elemental attack, but thats a if.
the totsuka blade would be the real decider because its unblockable and its able to seal on hit. soooo Nagato would loose if itachi formed susanoo
however itachi has a low chakra supply compared to many others this is shown by him trying to end a battle quickly.
so if itachi ran out of chakra he would loose susanoo