If no, the men with severe casualties. The blades are capable of puncturing the elephant's skin, so unlike the unarmed scenario, quantity actually is valuable. The men could break off into several teams, each taking turns at distracting the elephant while the others stab the elephant repeatedly. Many of the teams will be wiped out but eventually the elephant will be too weak to move.
If yes, then the men with substantially less casualties, likely zero. Small tribes have spear hunted such beasts before, and it only takes a few good shots to topple the beast. Once the men turn their blades into spears, the day will be won.
Ah so they can even build spike traps. Definitely the men. Elephants being hunted by fairly barbaric tribes is so recent that we have color video showcasing the brutality.