Has anyone ever thought of what a fight between these two maniacs would be like?
One's a rich and arrogant Xenophobe, the other an arrogant, hate-rich white-supremacist. Okay more like he hates everyone, but you get the idea.
I'm not sure of a scenario that would cause these two to go at it, other than something involving both their respective arch-foes. Maybe The Skull's plans for world(and possibly universal) domination directly impact and interfere with Lex's plans....for the same thing.
While Lex has no super powers, he is hella' smart and rich, with the resources to back up whatever crazy-ass scheme he's got cooking.
The Red Skull just acquired powers in the form of the late Prof. X's mutant brain, and the inherent powers they contained. Don't ask me how that works though, since the Skull wasn't born with such powers, so how can he even use them. Even if the Xavier's brain was grafted onto Skull's, it shouldn't really work. But you know....comic book science and all that.
The Red Skull
Leave your choice of victor in the comments' section.