Personally, after I've hit his hands, I turn the Lens off so I can use the super-charged spin attacks to hit him. For some reason, if the Lens are still on, you can only do a normal spin attack. I never use the arrows because I want to save them for hitting the hands.
I found this guy to be brutal the first time I fought him. I didn't use a guide or anything for help, so it took quite a few tries to take him down. But now, after about 6 years and many re-runs through OoT, I can beat him without being hit one single time.