consider SBA means they start at 4km in New York City if I recall, Shantae has a bit of a range avantage while Guts goes to get closer. By then she can apply equipment to give herself invisibility, can conjure up scimitars, storm clouds, those bubble spells for projectile reflection, attack defending and even straight up invulnerability for a time. She might not have much experience and Guts has INSANE stamina and might be stronger she has range and versatility advantage here.
The cannon and arrows are way weaker then both of them; the cannonball would either pounce off shantea or miss and the arrows would tickle her. I may give this to Guts he has more brutality and stamina (and the experience and skill advantage but they go straight out the window when Guts uses the berserker armor).