Though I think Katara is a more powerful waterbender (I'd put her at #3), Ming-Hua would take this one due to location. The Crystal Catacombs have a lot of water for her to turn into Dr. Octopus. Though, I do think this fight could go to Katara if she was able to take control over the water Ming-Hua bends, much like Unalaq did at the south pole.