Bruce would be the last man standing.
Steve without his shield is at a much bigger disadvantage than Bruce without his utility belt and uniform, especially as Steve is now wearing Roschach's costme, which has no armoring at all and sports a trenchcoat, which impedes movement more than he's used to. Bruce lacks his traditional gear, but still has some armoring from Steve's uniform (which undoubtedly weighs less than his own outfit and gear, giving him more strength, speed, and agility than he's normally capable of.)
Bruce often fights opponents without utilizing his standard equipment, merely relying on his physical attributes and martial skills, whereas Steve almost always relies on his shield, if only to block blows and projectiles. He'll be severely off his game without it, not that he doesn't still maintain major skill in hand to hand combat. Still, the lack of any protection, the loss of his standard defensive and offensive gear, and the fact that Bruce is far more used to fighting without his equipment, still has protection, and is faster, stronger, and more agile than usual (not as weighted down by equipment as he usually would be), not to mention a superior hand to hand combatant, puts Steve in an uncomfortable position, his only advantage being his slight physical advantages.
I don't feel they will be enough, especially when one takes into account that Steve's standard gear going to Bruce would actually include a few smoke and concussion grenades in addition to the shield. Rorschach is really the smallest factor here as he doesn't have the skills to stand up to either character on equal footing, good as he may be. He'll also have no idea what is in Bruce's belt, and is unlikely to stop to figure it out while in the midst of battle. The one piece of equipment he might use is the magnetic grapnel, which is easily recognizable for what it is, and which he wouldn't hesitate to put through Steve's body parts (re-watch the film if you're wondering why I think so), hampering him a bit more in his fight with Bruce if he succeeds. He couldn't win a hand to hand competition unless he did as such.
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