Lets see, you search it for free, you tribute a ninja (HANZO most of the time), you tribute one of your opponent's monsters, you special summon something big. A plus one for the one who plays the card.
We were looking for good monsters to summon, and we decided that the best one would be Dark Horus Dragon.
Dark Horus has 3000 attack like Blue Eyes, unlike Blue Eyes, he has an effect that special summons a Level 4 Dark from your grave when your opponent plays a spell. Which pretty much means you get to special summon HANZO back for free, AND HANZO's second effect activates.
HANZO searches for a Ninja monster aside from himself when he is special summon, and most of the time, the ninja you wanna search for would be Gold Ninja.
Gold Ninja is basically a Summoner Monk for Ninjas. The main difference is that you discard a Trap instead of spell. This is good since you don't set as much since we have Heavy Storm, AND HANZO searches for traps any way. You can ditch a Ninjitsu Art and Special Summon HANZO, grab another Ninja and go off from there.
The Armored Ninjas are quite good after testing. I'm only playing Earth and Flame because I feel like the other 2 aren't as good. Earth is basically Cyber Dragon with 1600 attack (so you can play Chaos End Master if you want), and Flame can increase a Ninja's level by 1 when his summon (usually himself).
This deck makes easy Rank 5s. The most useful one would be, No 61 Volcasaurus. Because this deck has quite a number of beat sticks, Volcasaurus's effect can be very deadly when used right.
Super Transformation can also get you Dinasaurs and Sea Serpents. The only Dinosaur worth considering is Super Conductor Tyranno, because its a 3300 beat stick and it has a burn effect that may come in handy. I don't find any Sea Serpent good thou.
HANZO is Dark while Gold Ninja is Light, Pulsar is very alive in this deck, not to mention Envoy of Beginning since I'm playing Warrior Returning Alive to get HANZO back.
My current build, which I made this morning, looks something like this :
3 Ninja Grandmaster HANZO
3 Gold Ninja
3 Armored Ninja Earth
3 Armored Ninja Flame
2 Dark Horus Dragon
2 Light Pulsar Dragon
1 Red-Eyes Darkness Metal Dragon
1 Black Luster Soldier - Envoy of the Beginning
1 Reinforcements of the Army
1 The Warrior Returning Alive
1 Monster Reborn
1 Heavy Storm
1 Dark Hole
2 Mystic Space Typhoon
2 Pot of Duality
3 Ninjitsu Art of Super Transformation
2 Armored Ninjitsu Art of Freeze Lock
1 Mirror Force
1 Trap Dustshoot
1 Mind Crush
2 Solemn Warning
1 Solemn Judgment
2 Call of the Haunted
Armored Ninja Blade Heart is very good since its a 2200 which can attack twice. Best part is that you don't necessary need him to attack twice, since his effect is detach a material and have 1 Ninja on the field attack twice.
Thats it for now I guess.