On maximizing damage; 2D can be followed up with a straight up air combo without a tatami mat (2D, j.s, j.p, etc.). Due to Faust's weird floatyness, j.k is useful in your combos.
This is always a given, but be careful with Ouren against Faust since he can knock you out of the air with (2k?).
You can yoshijin for a counter-hit on his long scapel stab where he pulls you in (I believe it's his HCF+H).
When you're at mid-screen distance from each other, play footsies with 2S. Netting a counter-hit into tatami and combo can really ruin Faust's day.
Always pay attention to whether or not Faust is crouching. If he is, don't IAD j.s (unless you plan to land behind him for a throw set up...this is risky) or blindly throw out kabari.
For a video: http://www.youtube.com/watch?v=nSWd9tu-51s