The Tomb Master will not only jump and shoot stars, but each hit summons a star. You must (must) learn to block them in order to beat this. The stars take a long path around until they actually get to you, so hold X to hit him many times then deflect all the stars back at him. He WILL deflect them back. It is possible to get stuck in a parry match for awhile, but eventually he will jump or go red, and then get mauled by the giant cloud of stars.
Once he hits 50% or so he will turn red, break all the statues, and shoot high-damaging claw lasers and tornadoes. It’s best to chi-counter this attack, since dodging it involves some clutch-rolling.
He does dizzy quite easily, so use your Tornado Kick to rack up the hits (and stars). His only break is X, so attack with confidence that you don’t have to worry about hitting A.