For one thing, a close range combat would not be anything Max would even attempt. His main weapon arsenal is guns and bullet time, so why would he even bother getting wtihin 30 feet or so of Sub Zero?

This certainly isn't going to be some easy victory for anyone, and certainly a few shot bullets from Max won't cut it this time, but rather this battle will be one of maneuverability, precisely timed attacks, and planned out movements. If Max can use his movements, bullet time, and shooting capabilities to his advantage he definitely stands a chance, but it won't be easy. Sub Zero has much to his disposal and his reflexes are certainly on his side in this battle. It will certainly be a good battle.