There's an awesome way to skip the chase entirely and it's really simple. Once you reach the end of the of the corrupted zone, you'll see a ring that you can use your hook shot on just before the musical note. Hook shot the ring and launch yourself through the musical note and into the toxic water and die. After you respawn at the entrance just run forward a little bit and the musical note will appear suddenly which will trigger the monster all the way at the other end to begin the "chase". Once the monster shows up from the depths, simply leave through the portal and you'll have skipped the entire chase.
I made a quick video showing how to do it properly.