I think his plan is to try and slow them down till the ball would normally end and save Farnese a major embarassment over there.
Anyway, the Kushan attack is gona change this prospective and they will be buddies again once more.
That could be... but I don't think he'd challenge Guts so lightly, and if it was just a matter of saving Farnese embarassment, he could certainly arrange it so they could make discreet contact with her (the hair for one thing). Anyway, we need a translation, but I think Serpico's serious, and quite sinister, in this scenario.
Lots of ways it could end too, just one complication; when Serpico sees the mist and monsters, he could easily blame Guts' presence for it. Even more reason to dispose of him. =)
About his wits I am expecting him to use the pillars for some acrobatic turn moves, hoila! 
I think he'd be better served staying in between the pillars, we saw what happened to the last one.

Silly Serpico, masonry won't stop Guts.
Ha!