I'm can't say i like squall that much, but Cloud cannot possibly win because in ff8, there are items that make the characters invincible, and junctioning 100 ultimas and apocalypses is crazy. Also, lionheart is better than knights of the round, and ff8 characters can do five digit number damage (boost eden at lvl 100, and you could do over 50000 damage no matter what).
So, since i too think cloud is cooler, i shall make this worth while. Squall uses kamikaze (By accident) dealing 60000 damage to cloud, but in turn killing himself. end of story