Warning: This is more of a guide how NOT to fight this.
The new Battle Arena superboss for the mod is modeled off FFX's Arena superboss. I liked that.
Firstly, that Ultra Spark move? It inflicts all kinds of nasty status effects on you and it will end the fight as soon as it starts unless you are wearing Ribbons. This means no accessories to do more damage. Furthermore, Ribbon negates ALL status changes, including positive ones. No Haste, no Barrier/MBarrier, no Regen, nothing. You just have to take all his moves on the chin and survive.
You might notice he will always counter Limit Breaks with Ultima. Only, this doesn't count as his turn. He'll get a move right after Ultima. Which means you might very well do what I did and make him use his two strongest moves right in a row. Protip: don't do that.