It would be cool if it were balanced. No chance that’ll happen though. ESO is very far from being in a position to hold competitve stuff like that without revolving around hard counters, bugs, RNG-based procs that can change the outcome of fights (Skoria, Frags, Implosion, Concussed, etc), and of course whatever new OP setup appears with each new patch.
Strict rules on skills/gear would have to exist to balance competition like that.