In this fanfiction, Jiraiya and Pain are the main characters in the fight. But from Konoha's side, Naruto is a very important one. His emotions for Jiraiya would be running high. Then there's Sakura, who is not only a skilled medic - ninja but also cares about the safety of the village. She would be worried about the outcome. And don't forget about the elders in Konoha. Their opinions and reactions to the fight would also play a part in the overall story of this fanfiction.
Well, you can expect a lot of intense emotions. Konoha characters would be on the edge of their seats, seeing Jiraiya fight Pain. There might be shock at Jiraiya's skills and the power of Pain's attacks. They could also be filled with pride for Jiraiya or fear for his safety. And of course, there would be a lot of reactions to the twists and turns in the fight, like gasps when Jiraiya makes a risky move or when Pain reveals a new jutsu.
The Konoha 12 would likely be in shock. They've seen Naruto grow, but this fight against Pain is on a whole new level. Some, like Shikamaru, would immediately start analyzing the battle strategies. Sakura might be worried sick about Naruto's safety, while Kiba could be cheering Naruto on loudly, impressed by his power.
One of the most dramatic moments could be when Naruto first takes a really hard hit from Pain. The Konoha 12 would gasp in horror, and Sakura might even try to run out to help. Another moment could be when Naruto taps into a new level of power. The expressions of shock and awe on the Konoha 12's faces would be quite something.
The 'jiraiya vs pain' in RWBY fanfiction could be a battle of wits as much as a battle of powers. Jiraiya is a very experienced ninja, and Pain has his own ideology - driven powers. In a RWBY setting, the battle could be affected by things like Dust, the special energy source in RWBY. Jiraiya might be confused by this new element at first, while Pain could try to incorporate it into his attacks. It would be a clash of two different power systems and fighting styles.
It's really hard to say who would win. Jiraiya has his Sage Mode which gives him enhanced strength, speed, and perception. But Pain has the Rinnegan which allows him to use powerful abilities like the Six Paths techniques. In the RWBY fanfiction context, it might depend on how well they adapt to the RWBY world. If Jiraiya can quickly figure out how to use Dust to his advantage, he might have an edge. But if Pain can use his powers to disrupt the balance of the RWBY world, he could also come out on top.
There are many out there. A really good one might focus on the emotional reactions of Team Minato. For example, Minato might be proud of Naruto's strength and how he overcomes Pain. Kakashi could be in awe at Naruto's new techniques. Their reactions can enhance the overall viewing experience in the fanfiction.
In the original Naruto vs Pain fight, there were many unanswered questions. Fanfiction tries to answer those. For example, what if Naruto had more help? Or what if Pain had different motives? This makes it appealing to fans who want to explore these ideas.
You can try looking on popular fanfiction websites like FanFiction.net or Archive of Our Own (AO3). They usually have a wide range of Naruto - related fanfictions, and you should be able to find some with the 'Team Minato Watches Naruto vs Pain' concept.
Obviously, characters from Konoha will be central. Naruto might be one of the main characters as he often represents the heart of Konoha. His ability to change things could be key in how Konoha responds to the future it sees.