Here's the WIP:
http://dehacked.2y.net/microstorage.php/info/3111/Testrun4.vbm
Some notes:
-5:15 into the run, and 358 frames (6 seconds) ahead.
-Walking through the grass after the cave was actually a frame faster than moving around the grass.
-I manipulated the mini Bow-wow into the best position I could get... I had to wait two frames outside to do it. It might be possible to get a better position, but I couldn't come up with anything after testing up to 20 frames of waiting.
-The pit glitch worked fine, I had to wait two frames to get it to work. And I've really been testing, and I can't get it to work on any other pits so far...
Edit: Oh, and I figured out a few other things. To skip the text optimally when taking a chest, I press A/B/Start/Select after exactly five frames of seeing the item pop out of the chest. And, those key bounces that plagued the previous run... I think Link has to be directly below the key at the moment the key's shadow starts to appear. That way, the key won't bounce.