The only thing I do with arrow-looping in a fight is to fire it straight up and loop it 3/4 of the way back to the stage so it's parallel with the surface. I think it's a decent tactic because by the time you should start curving the arrow, it's off-screen so your opponent doesn't really know if it's coming from the left or the right (from behind them gives them the least time to react, of course). Do that once or twice, and it sets your opponent on edge a little. It's a good mind-game; just fire the occasional arrow into the air and people tend to either stand around waiting to dodge it or rush in because they think you're vulnerable (as in, too busy thinking about looping the arrow).
That being said, I'm going to agree with everyone who feels "if you can 'Pit-style-wall-of-pain'", then do that instead. Or arrow spam, that works too.