Battle takes place in a busy mall. Each man knows they are there to kill the other and they start in gun stores at opposite ends of the mall. 

Does Cray have access to/control over his psionic abilities, or is this just a shoot-em-up? Either way, I think he wins here if they're using conventional firearms.

His immortality brings him back from the dead (and not quickly), it doesn't prevent him from dying, so he would still die, ending the fight. So that shouldn't be an issue. Why Punisher?

I think he's the better trained of the two, and though you may disagree, I think he's more aggressive/willing to make compromises to win. I think he might be willing to sacrifice a few civvies to get rid of Punisher, and the reverse is not true.

Ok, I agree with Korg.

You don't know him very well then.

I'll go with Deathblow here.

Punisher could fix the mall situation though. I think firing into the air could clear the place out, or at least a section of it where they're fighting. 

Haha, you don't know where I live.

No, I don't. I think we can both agree that would be kinda creepy.

Punisher

Punisher wins due to his tactical prowess. but if it boils down to up close and personal deathblow can rip him to shreds

The Punisher easily. Here's why the Punisher is more skilled than Deathblow and in addition to that he can take multiple gun wounds anywhere because of his superb adrenaline. Lastly The Punisher has near super human strenghth considering he can literaly blast someone's head off with a single punch.