I don't think putting them in a match of Brawl would prove who would win. Toon Link is a higher tier in that specific game, but that doesn't mean he's better than "regular" Link. :\ Besides, that's not how the Links actually fight, either.
I think regular Link would win. He's only slow in the Super Smash Bros. series, but in the Zelda games he's pretty agile and fast. Take a look at the way he was in Twilight Princess--the Helm Splitter (among other things) was a show of his agility, while things like sumo-wrestling Gorons (and
winning) proved his strength. And honestly he runs as fast as Toon Link.
Toon Link is also agile, but considering how he can only show that in The Wind Waker, we can't really know much. He could bust out quick parries that the Helm Splitter and Back Slice were based on from TP. There was also the Hurricane Spin. But obviously Toon Link is weaker than the general, regular Link, so overall I'd have to say that regular Link wins.