Regarding Hanuman and nagas, I came across information in two sources that may shed some more light on the relationship between the two.
Aziatische Kunst, Jaargang 34, Nr. 2, juni 2004. (Asian Art, volume 34, no.2, June 2004)
From the article: De Kris van Knaud (author: David van Duuren)
Note that the primary source that David van Duuren cites for this information is: P.J. Zoetmulder, Kalangwan; A Survey of Old Javanese Literature (Koninklijk Instituut voor Taal-, Land- en Volkenkunde, Translation Series 16), Den Haag.
Original text (Dutch)
"Hanuman wordt uiteindelijk gevangen genomen en voor Rahwana geleid. De afgebeelde slang is hoogstwaarschijnlijk de magische pijl van Rahwana's zoon Meghanada (Indrajit) die op Hanuman wordt afgeschoten . Op het moment dat de pijl doel treft, verandert hij in een slang die de apengeneraal in zijn kronkelingen vastklemt."
Translation
"Eventually, Hanuman is captured and led to Ravana. It is highly probable that the pictured snake, which is being shot at Hanuman, is the magical arrow of Ravana's son, Meghanada (Indrajit). Upon contact, the arrow transforms into a snake that traps the monkey general in its coils."
De Gouden Kiem: Inleiding in de Indische Symboliek (author: F.D.K. Bosch / Publisher: Elsevier / Year: 1948)
Below is translated and paraphrased from the original Dutch.
One of the things the author talks about is the symbolism of substitutions: A=C, B=C, ergo A=B.
As an example, it is mentioned that the snake can symbolize the stem of the lotus as both are long and thin. For the same reasons, arrows can also symbolize lotus stems. From A=B, it follows that arrow=snake.
The author further posits that this explains why the snake and arrow are so frequently compared and equated in mythology, and why they so often transform from one into the other.
Examples that are mentioned are the snake-arrows found in wayang, Indrajit's snake-arrow that entwines Hanuman, the Naga-king Acvavena who - in the guise of an arrow - enters Karna's quiver, and both great naga - inhabitants of a mountain lake - who suddenly transform into Civa's [Siva's?] bow and arrow so as to provide Arjuna with the Pacupata weapons that were promised by [the/a?] god.
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