Yes, if you die once you'll get a call telling about it. If you die the third time, you'll be able to break two statues, nullify his mind reading.

Or, from youtube said, you can defeat him without both, since he'll evade seven attacks and will be hit by the eight.

IIRC, if you take long enough to figure it out, you can call your "support team" in-game and they'll give you hints about trying the second controller port.

(Also I love that this and the comment chain immediately above it are both Kojima games. Can't wait to see what kind of mechanics he throws at us in DS2.)