I did this fight 4 times for a freind of mine. Here is my experience.
For reference, she is a Mithra RDM, AF from head to toe, Electrum and Ermite rings, INT earrings(don't remember which), Red Cape +1, not sure on the belt, wind + ice + light + earth + dark staves. Items = Melon Pie +1, Yag Drink,
First run: Entered, ate food, ran in, aero 3, sleep 2, aero 3, sleep 2, aero 3, sleep 2, forgot about convert(in my defense I am a bard) and died.
Second run: Entered and ate food, slept and dispeled Maat, then comenced the aero 3 sleep cycle. I remembered to convert this, but he two-houred and thundered me to death.
Third run: Entered, slept maat, ate food, then dispeled. 2-hour aero 3 three times, then slept maat as he two houred. Everything looked good at this point, but I got impatient and woke him while his 2-hour was still active and got wasted.
Fourth run: Pretty much the same as run three, except I blinked and stoneskinned before commencing my barrage. Slept after initial barrage of aero 3, converted, recast blink and stoneskin, and finished fim with a few rounds of aero 3, water 3, sleep 2.
What I learned: Red mages need HP to convert :p. Patience is your friend, ethers take forever to use, and blink + stoneskin is a lifesaver.
Hope this helps.