The Lions scored twice in the opening ten minutes through McGuire and Gareth Hock to open up a 12-0 lead.
Martin Aspinwall added a third try to extend the touring side’s lead before Ji Hill went over for Newcastle’s first and only try of the encounter.
But Rob Burrow added a fourth Great Britain try soon after, giving the Lions a commanding 24-4 lead at the half-time interval.
Both teams had a man sin-binned at the back end of the half with Wood and Ian Bourke were sent from the field for fighting.
But this could not stop the Lions’ attack with Hodgson coming off the bench to score two tries in six minutes before McGuire completed his brace to complete the rout.
The second half ended in similar fashion to the first with captain Peacock sent to the bin along with Newcastle’s Peter Jenson, again for fighting.
Great Britain coach Brian Noble said that he was pleased with the win, but admitted that the level of skill was not what he would have liked, admitting: "I think we needed the hit-out”.
"We had a lot of guys who hadn't played for six weeks and I think that contributed to the level of skill not being what we would have liked.
"But we got what we wanted out of the game. We're really pleased with what we've achieved."