Due to multiple possible polarizations hard exclusive production of tensor mesons by virtual photons or in heavy meson decays offers interesting possibilities to study the helicity structure of the underlying short-distance process. Motivated by the first measurement of the transition form factor gamma*gamma -> f(2)(1270) at large momentum transfers by the BELLE collaboration we present an improved QCD analysis of this reaction in the framework of collinear factorization including contributions of twist-three quark-antiquark-gluon operators and an estimate of soft end-point corrections using light-cone sum rules. The results appear to be in good agreement with the data, in particular the predicted scaling behavior is reproduced in all cases.