I think you would really enjoy a new anthology from Wiley-Blackwell--Hunting. It is written largely by and for hunters, and looks at the sort of ethical questions you raise in a way you will find hospitable.
I think hunting is extremely difficult to justify. Though once necessary to obtain necessary nutrients, clothing, etc., killing animals to obtain these things is no longer necessary. It doesn't really help justify hunting/fishing to eat what you kill, if you could have eaten something else.
Even assuming it was necessary to eat meat, it would still be problematic to engage in killing as a recreational leisure activity--which is what hunting/fishing are for most people. If the main goal of sport hunting/fishing are having fun, and food is just a byproduct, something odd is going on (as I argue here). But now getting to you question...
Hunters who are concerned about fairness at least see animals as "subjects" instead of merely as "objects." That's all to the good. Fair hunters will probably kill far fewer animals. But should they really think in terms of fairness? Hunting an animal is not a sport involving two competitors, since the animal doesn't participate voluntarily and has no idea what's going on. In a competition between two humans, fairness is mutually beneficial, but that's not necessarily so in the case of hunting and fishing. The "unfair" hunter at a hunting ranch will lure a tame animal to a hunting station, and then shoot him at close range with a powerful rifle. The "fair" hunter might chase a terrified deer for miles, and then shoot him from a distance with a bow and arrow, so the animal dies a slower death. The extra "fairness" in the second case doesn't benefit the deer, and in fact harms him!
I agree with you that all hunting is not equal, and if one is going to hunt, one should do it "the right way." But the right way, it seems to me, is just less wanton and more humane, not necessarily the way that involves concepts of fairness imported from human sport.