This reminds me: Anyone planning a run must watch the video of the second quest over at Arc's. It's swordless to boot. Link to Fileplanet download here
Can someone watch it and tell me what route he uses?
Don't know if you already found this page or if it's any help: http://www.zelda.com/universe/walkthrough_z1.html#2
It's probably not any help. That might help for just trying to complete the game, but the strategy for a speed run would be totally different.
Edit: I just took a look at that page, and it wouldn't help at all. They have you walking all over the place instead of trying to shorten distances.
Btw: isn't there 3 quests in the legend of zelda? IIRC there's a third quest before u start allover again...
No, I'm pretty sure there are only 2.
Are you sure about that? I seem to remember seeing it used in the swordless quest hosted at FilePlanet. I'm thinking it was Level 8 but I'm not sure. I no longer have that file otherwise I'd check it.
You could use the bait in level 8 if you wanted to, but there's no point because going that way is a huge detour. You can just take the stairway one screen below the bait room, then go up, left, down, and right 2, then take the stairway, go up, kill the boss, go up again, and get the triforce.