I want to be a dick here. I want to vote for Macho Man merely because I just like him a lot more and because Batista gave one amazing run at the very end of his career, which shows how capable he could have been if he wasn't lazy and just didn't care enough about the fans. He did deliver some good matches, but they were more to line his pocket than anything. His last character couldn't have been closer to the truth, which is probably why it worked, the best characters emulate and amplify the reality. Macho Man is the exact opposite of that. He loved to be out there, worked hard for his physique, his spot, everything he accomplished and probably should have had a better career because of it. Besides, Macho Man in real life was a really good guy from most people's accounts, always willing to put a guy over (if you listen to DDP's little anecdote about 'taking the Diamond Cutter) and few guys had a bad word to say about him. Batista. Well, I'll refer you to the comment of... <ahem> "Greet White Sam" to open this thread, but the condensed version is he's an absolute ********.
But that's not very formulaic. So I'll try a teenie bit harder.
Macho Man was a one-of-a-kind character, never duplicated but sometimes replicated (Jay Lethal, brother). He's also a mainstream icon still now despite never having a career as good as Batista's was. He was also proven to be quite handy in a cage, whilst Batista did well in HIAC structures, Macho Man did better in open-topped cages which amplified the gulf in agility between him and certain opponents (Ultimate Warrior, much more agile guy than Batista).
On top of all this, as pointed out, Macho Man has already beaten the more impactful, effective and all round better Batista earlier in the tournament. Why should this slower, less dominant model go over him now?
I can't really hope to convince people to vote Macho Man based upon that only but I don't want to drag this out because I probably would have voted Macho Man over in most stipulations here. It's the cream of the crop, rising to the top..... up... and over the cage for me here.