Light Cycles, huh? The best course of action in Light Cycles is to use Charge at all times. Never use Attack, it's a waste of time. You can use Guard if you think it will help, but it's still better to use Charge.
When you get to the end of the track, the old Heartless will stop chasing you, and some new Heartless will shoot at you from up ahead. You can use Guard there, it will deflect their shots.