I think Batman in a reasonable suit could beat Iron Man in the best suit.
As Iron Man (for the most part) just relies on his suit and doesn't have any training or anything.
Hmm If we're talking frontier Tony then that's a fair assumption to make, seeing as he hasn't actually had any IC stuff to prove himself (Although it's still just that, an assumption.)
Though if we're talking 616 Tony then that's a big fallacy. If we're talking combat training then he's had plenty of that from the likes of Steve Rodgers, Rhodey, SHIELD, ETC. On top of that he has far more suit-based combat experience than Bat's, which has to count for something. And, as D quite rightly points out, Tony's top-tier suits are ridiculously powerful. To beat Tony at his best, Bats would have to come in his best too, and I don't think it would all that cut and dry.
I don't know that much about Ted, but isn't he like the king of wasted potential? In that he's happy to just goof off when if he applied himself he could be a Batman-tier hero.