Hi, i can imagine that this is pretty hard!

I would not take part in the game. If he jumps up on you and puts his paws around your arm, do not respond by saying anything, just take your arm back, turn away and show him that he does not have the power to involve you in his little game. Ignore the behavior you do not like. A strict no in combinatin with ignoring him is also recommendable. When he gets excited and starts barking, try to draw his attention to something else. As soon as he stops barking, praise him and give him a treat. Maybe you can give him a command like "sit" and as soon as he does this, praise him and give him a treat. Now he is in another situation and behaved well. So the exciting situation is over and forgotten.
I hope it helps!
All the best and nice greetings from Vienna

Michael