According to Nic, the Phantom was designed with the parameters of the shoot-out in mind, so it would undoubtedly place first above the SE5U.
Here's a comparison between the Phantom and SE5U from Nic himself:
''But the Phantom’s natural competitor is the 5-Way; that other IEM with a rare blend of timbre and performance. As with Zeus, the Phantom shares a few similarities; in the case of the 5-Way, its three-dimensional stage, and similar vocal reconstruction in terms of body and forwardness. However, they are equally defined by key differences, starting with their bass. In my opinion, the 5-Way has the best BA bass from an audiophile perspective, combining deep extension with a resolved mid-bass, natural in tone. The Phantom can’t quite match the naturalness of its bass, opting for a cleaner bass, with similar extension. The difference returns throughout the presentation. The 5-Way’s warmer tonality results in its exceedingly natural and organic signature, with warmer upper mids and a smoother treble. The Phantom trades some of its warmth for clearer, more melodious upper mids, as well as slightly greater instrument body. Its treble is a bit crisper, where the 5-Way’s is warmer, and a bit smoother. Taken together, the 5-Way has the warmer, more romantic tuning. The Phantom in turn offers greater transparency as well as a more versatile sound, while sharing a similar beauty in its timbre.''