The Daleks would have completely wiped the Borg out, of course.
That doesn't seem likely. The Daleks pretty much have just one strategy -- zap everything -- and Borg generally adapt to weapons fire after 2-3 shots at most.
Correction- the Daleks in the field have one strategy, to find a way to zap everything. If they can't, they adapt and find a way. Then on a strategic level they are devious fuckers capable of thinking up pretty much anything it takes to get what they want.
The first encounter between Daleks and Borg would probably go as you surmise, but the Daleks would then adapt their strategies. They're obsessed with racial purity, but when it comes to technology, you'd have an adaptivity race, and the Daleks can increase their numbers a lot more quickly, as well as being more militarily experienced.