Punishment and too much control creates violent behavior. If I were you I would stop all timeout, taking toys away etc and learn firm but kind ways of guiding this little fellow. It sounds like he is in pain, frustrated and feeling too restricted and controlled.
Have you read any books on raising children without punishment? I did and I changed my ways and my wild kids now behave great of their own free will.
Let him have them, he's not learnt to calm himself down yet and won't if you intervene with any kind of consequence or attempt to make it all ok for him. Frustration doesn't end after childhood so its important for them to learn this skill. Sending them to their rooms etc works until they're bigger than you and then all your consequences are out of the window. Concentrate instead on telling him how proud you are of him when he does calm down and talk to him about alternatives that he could try when he feels this way.
