The problem with that is that it's hard to generate power with a baseball bat it you are using, say only your forarms to swing. The knife fighter will surely not be incapacitated by a swort swing like that, and the fight will become something of a stalemate, which in my mind favours the knifeguy. All he is looking for is his opportunity to darth inside of the range of the bat and shank batguy in the stomach. Even though the batguy has the range and the power on his side, the knifeguy is in control of the fight, in my opinion. The batguy will have to think really hard about planting his feet and commiting to the blow, because he knows how fatal it is if he misses, or if he hits knifeguys arm or something. Sure, that will hurt a ton for knifeguy, but I think (not sure about this one) he will be able to keep his momentum going foreward, get inside and shank him.
I'm leaning like 60/40 towards knife. I do think it's very close though, and I did change my mind several times before.
Get a wiffle bat and have a friend get a magic marker to use as a knife and do your self a little exercise in bat/knife fighting and se what you think,,,,,you may be right.....but maybe not...