I was waiting for a thread to come up, but then I decided I might as well make it myself.
For starters I want to direct you to the current-record
new game speedrun in 1:50:53 done by Derek Taylor. It is completely up-to-date with every trick currently known (except for skipping the Salazar boss fight which can be found
right here.
The biggest hurdle we face is luck manipulation, because fallen Ganado can literally drop every kind of grenade, secondary weapon ammo, pistol ammo, green herb and numerous amounts of pesetas. Obviously, we would have to try and streamline the amount of sidetracking we do, and take advantage of manipulating required Ganado kills to produce satisfactory drops.
Also, the GameCube version is significantly faster than Wii, because the former has the TMP glitch (which can skip an entire map and a half).