Hmmm....Never had him chase me far, although I never turned around to look, Ha Ha. Usually the Prefects joined in the chase.
To get him down to the basement, alone, you need the Spud Gun, or a slingshot will do. Stand near an open locker and watch the radar for the prefects to be far away. Then, shoot out the School Store window. Real quick, duck in the locker. Wait for the coast to be clear (prefects far away), then step out and whack Mr. Luntz. Immediately run to the basement door and hit 'enter'. When you reappear, you will be inside the top basement room. Mr. Luntz will run in BEHIND you, and seemingly blind, will run down towards the Hole. He will stop on the path a little ways down, his back towards you. You can sneak up on him, but at the first punch or projectile, he will turn and give chase and if caught, will try to bust you.
Don't let him.