Option 1 (for Magick option)
1) Switch to Magick Archer, and be sure to equip magick attack boosting equipment (ex: laurel circlet, Trophy armor set, BBI rings). Use all augments that increase your magick attack number: Acuity, Attunement. Also add Articulacy, since it increases the speed in which you can use your magick bow talents. For skill sets, be sure to have at least the following two.
-For Magick Bow, equip Sixfold Bolt and Ricochet. (if you have a BBI ring that makes it Ninefold bolt, definitely equip that.
-For Staff, equip Frigor and Ice Affinity. (You can probably guess where this is going....Gorecyclops are weak to ice.

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2) Bring 16 or more Demon Periapts (these can be bought from Fournival, or Madeline - but only three at a time, from her). Also bring liquid vims and stamina boosting potions/ingredients. Mushrooms work just fine, but bring a lot.
3) BE SURE TO HAVE A STAFF IN YOUR ARISEN's INVENTORY. lol! Feel free to keep your daggers equipped, until you are ready to face the Gorecyclops, then switch to Staff.
4) Stay at the bottom of the stairwell, right before entrance into the main room where the Condemned Gorecyclops (CGC) is. Start off by shooting a number of rounds of Ricochette (these do not need to be aimed at the CGC). This is mostly to take out the spell casting Skeleton mages. (BTW, you don't have to start things this way. You can choose to avoice the CGC for now, travel up the hanging walk ways, and take out the Mage Skeletons first. But I just find this quicker...LOL!)
5) Eventually, enough of the ricochet shots will probably have gotten the CGC's attention, and he will break free of his restraints. Again, stay in that protected area. Also don't be afraid to use the "come" button to keep the pawns around you (if you don't want to run out and revive them, should they fall out in the arena area. Once CGC is loose, stack 4 Demon Periapts, and take a liquid Vim if you have any. Start spamming Sixfold/Ninefold Bolt on him. As he gets closer to your area, and if you are running low on Stamina, switch to your staff, cast Ice Affinity on yourself, and spam him with Basic Attacks. Again, keep stacking your Periapts, once the effect runs out. You can also use Frigor, while you are using your Staff.
6) This will take a while, but you will eventually win, and keep everyone safe at the same time (if that is a concern of yours).
Option 2 (Strength option)
1) Switch to Ranger. Add strength boosting equipment (ex: Dragon band, Sovereign mantle, Assault Boots, Marshal bracers, for example). Use Clout, Vehemence and Ferocity (if available). For skills set the following
- For bow set Tenfold Flurry.
(choose as you wish for the other skills. This and your basic attack are going to be your main focus)
2) Bring 16 or more Conqueror Periapts. Liquid vim and stamina boosting items. Now here is your secret weapon, bring as many Blast Arrows as you can manage (don't be afraid to have your pawns carry some of this stuff as well). Bring at least 50, but I would shoot for 100. You can by them from the potion shot in Gran Soren (the one in the main square).
3) If you stay in that safe spot, and start going after the CGC immediately, chances are you don't need to worry about the Mage Skeletons till after the CGC goes down. But again, you have the option of going after the skeletons first, then head back to the safe spot and focus on the CGC.
4) Equip your blast arrows, stack 4 periapts, take a liquid vim, and start spamming Tenfold Flurry. If you start having problems with stamina, switch to your basic bow attack, till it replenishes. Rinse/repeat.
(Keep using Tenfold Flurry even after you are out of Blast Arrows. Just switch to basic attack if you are running out of stamina boosting items.)