While I've never seen either Texas Massacre movie, I did see some cheap knock-off where a guy went around drilling through people with his guitar. (Yes, the guitar had a drill, and yes, the serial killer was a rockstar.) While that is completely irrelevant I still think Ash would win.
I'd like to see Killjoy and one of the Killer Klowns from Outer Space go toe-to-toe though. That would be an interesting fight.