They planned to incapacitate Dumbledore, not fight him.
The Malfoy plan was not based on seeking an open confrontation with Dumbledore. They knew that they would lose in a duel with him.
The centrepiece of their plan was, as user33626 says, the element of surprise. They waited until an evening when Dumbledore was out of the school. Using Draco's contact in Hogsmeade, Madame Rosmerta, they made sure that Dumbledore was going to be away from the school for the night. On his return, they would draw him up to the Astronomy Tower and disarm him before killing him, using the Dark Mark as bait.
"You knew that I had left the school? But of course,” he answered his own question, “Rosmerta saw me leaving, she tipped you off using your ingenious coins, I’m sure.”
“That’s right,” said Malfoy. “But she said you were just going for a drink, you’d be back...”
“Well, I certainly did have a drink...and I came back...after a fashion,” mumbled Dumbledore. “So you decided to spring a trap for me?”
“We decided to put the Dark Mark over the tower and get you to hurry up here, to see who’d been killed,” said Malfoy. “And it worked!”
(Half-Blood Prince, Chapter 27, The Lightning-Struck Tower).
Draco was right; the plan worked very effectively. What the Death Eaters could never have counted on was how weakened and exhausted Dumbledore would be on his return to the school. Voldemort's potion had had a profound effect and had weakened Dumbledore considerably, making the Death Eaters' job easier. Had Dumbledore returned to the school in full strength then its highly doubtful whether Draco would've been able to disarm him. Even in his debilitated state, it took a distraction to actually subdue him, as user931 rightly points out. Dumbledore paralysed Harry with Petrificus Totallus, which made himself vulnerable to attack and gave Draco a split-second advantage. Age also played a part; Dumbledore was a weaker man at his death than he was a year earlier in the Ministry.
“He’s not long for this world anyway, if you ask me!” said the lopsided man, to the accompaniment of his sister’s wheezing giggles. “Look at him - what’s happened to you, then, Dumby?”
“Oh, weaker resistance, slower reflexes, Amycus,” said Dumbledore. “Old age, in short..."
(Half-Blood Prince, Chapter 27, The Lightning-Struck Tower).
Nevertheless, I don't think old age was the primary reason the plan worked. The element of surprise combined with Dumbledore's weakened state was what did the trick. Regardless, the Death Eaters never planned to 'take on' Dumbledore by openly dueling him.