I will admit, this loop appears to be more for stunning the crowd, but including the third rep of this combo makes the damage bit more comparable. Unfortunately, the third rep does not seem to work on all characters. After hours of grinding this shit tonight, I have compiled a list of characters that are easy to connect on, and characters that are not. Characters with the * after there name indicates that you must omit the third 5A6AA from the combo, because it does not connect on that character.
Easy Group
Once you learn the delay for 5C and the delay for 5A6AA, you should be able to do the loop on the following characters all the same:
Aoko, V Sion, Arcueid*, Warcueid*, W Len, Roa, Hisui, Kohaku, Mech, S Akiha*, Miyako*, Ryougi*, Neco, NAC
Slightly Difficult Group
This group generally requires a longer delay on the 5C, and/or on the 5A6AA. Note that you should use 5A6AA just before your enemy is about to touch the ground after 2C. The third rep of the combo doesn't work on any of these characters, so you have to use an alternate ending.
Nanaya, Akiha, V Akiha, Len, Ciel, Nero, Warachia, Satsuki
Difficult Group
This group takes a lot of practice to connect on. You pretty much have to learn by trial and error how much delay to use on each beginning input. Don't even attempt against these characters until you are comfortable with the other groups. Shiki fucking sucks.
Kouma, Sion, Riesbyfe, Shiki