The setting is on Tenrou, neither side is disadvantaged or advantaged. Intent is to kill and neither side is giving in.
I personally think the fight would be incredibly close. I doubt that Bluenote's gravity would have too much of an effect on Laxus but Laxus doesn't seem to have a counter...
Heavenly Body Magic
Abyss Break(Featless But Erza Believed It Would Have Destroyed Tower)
My Take is That Bluenote will win This Fight Low To Mid Difficulty.He will use Gravity Magic to pin down Jellal from using Meteor and Defeat Him.