It doesn't matter what he would do, because he won't. He's a boss, he won't be using items. Smaller bosses might, but not this one.
They do their own stuff, like swing big cages at you.
It'd be stupid if Master Hand used items...that would make no sense. A big finger swinging a lightsaber around and throwing Pokeballs at you? Lame! If it's a smaller, regular character boss, then sure, but not big, themed bosses. They have their own sets of moves and are very strong, so they don't need items.
EDIT: I mean...you're serious?
You would rather prefer a badass boss like this Petey Piranha put down his death cages of women that he's swinging at you, and instead pick up a tiny fire flower that shoots 3 foot flames? Or reach down with his leafy hands and pick up a bumper? And proceed to toss it at you? That'd be the lamest boss ever. I prefer the death cages.