"I see Danzo winning this battle. Outside of the Wood Release techniques from the First Hokage, Danzo's proficient in Wind Release techniques and in the world of Naruto, Wind is stronger than Lightning. The Raikage's Lightning Release Armor will be worthless against Danzo's Wind attacks and with Izanagi at the Sixth Hokage's disposal, he could fake his death by giving up a Sharingan eye on his arm and take out Raikage with a Wind Release technique. "
Personally, I think this could go either way. Danzo could, using Izanagi, surprise attack Raikage, but given Raikage durability, I doubt Danzo has anything that would one-shot him.
"Raikage takes this. Raikage Lightning Armor Boosts his Durability, Thought Speed, Body Speed as well as his destructive power. I single hit to Danzo would spell the end of Danzo. Izanagi will be troublesome, but Raikage would be able to dodge all Danzo's attacks (Danzo is Old and much slower than Sasuke). Raikage > Killer Bee Raikage > Jugo Killer Bee > Danzo ( I cannot ever picture Danzo beating Bee) "