Punishing with Mystic Momo AA CH, actually still gets us some pretty good damage if we hit them with the physical items and have the hammer next to equip. Just tested it out on Tsubaki, Rachel and on Arakune since they like to be airborne a lot.
Punished Tsubaki's air charge,Rachel's pumpkin summon, Arakune's backdash teleport, and cloud summon near corner
CH AA 214D (Pan,Bat,Cat) > immediate 5D (Hammer next) > 5C > Mami > 6C > Swallow Moon Cancel > j.C > 22C > 6A > 22C > 6A > 22C > 5C > Hammer Loop = 6447 damage, heat gained 61.
without hammer loop you can get 4749 damage with 41 heat gained, plus oki.