I don't know why everyone keeps posting this cheese spot.
The best way I've found is to have one guy stand in the boxes at the far right back of the room, have other guardians positioned around else where (one in the opposite boxes and one on the top if you like) bring Valus down to half health until he goes into rage mode, then just tease him over to the boxes at the far right back of the room, and you'll be able to headshot him without receiving any damage until he's finished.
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Yep, this is how we do it. On Nightfall, however, he doesn't just stand there, he takes shots into the corner :-0
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When he's in rage mode and get's close enough, he just starts trying to stomp on you. When rockets did start to fly though they didn't seem to do alot of splash damage.
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Yeh true. He tends to stay away as long as possible on NF, I found, but he does come over. It's still the safest spot by far though :D