You guys are all welcome.
Here's how I think it'll play out:
Mario starts shooting fireballs and Link reflects them back with his reflective shield, Mario is caught off guard because, despite not being a stranger to projectiles his fireballs move faster than him and he's never dealt with attack reflection before. This knocks the powerup off of him.
Link starts shooting fire bolts, bombs, and snowballs, which keeps Mario at a distance and on his toes. Here, it should be noted that Mario's feat is scaling to Peach, who hardly took any damage from her durability feat (which is already 2.4 to 7 times stronger than Link's feat depending on which end you use), while Link is still somewhat harmed by his durability feat of taking his bombs, so there is a clear difference in AP and durability here. Despite this, though, Mario is overwhelmed by Link's immense projectile game and is forced to use the Starman.
In this state, Mario powers through all of Link's projectiles. Link equips the Winged Helmet to add to his maneuverability and jump out of the way. When Mario jumps after him, Link uses the Bell to freeze him in mid air, stalling out the invincibility power up.
Once the power up wears off, Link throws the Book of Koridai at Mario, trapping him inside, and then burns it.