Whew, a tough one!! Well, I think that Kung Lao's teleport would beat the fireball attack, and since he can attack after it, it would do some serious damage. Also, the tornado attack (launching Liu Kang into the air) combined with the hat throw, would also cause alot of damage. All of these things combined with the dive kick, could cause Liu Kang some problems.
On the other side, the quickness of Liu Kang's Fly Kick followed by the Bycicle Kick would hurt Kung Lao, but the hat throw and teleport are also very quick..
I vote for............
KUNG LAO
The Showstopper, The Heart Break Kid,
The Icon!