Just posting this because it beats the 96-exit speed run by 30 in game seconds. I'm using a yoshi and I don't have a cape, but I think if someone does a new run, this might be useful.
http://www.youtube.com/watch?v=2hZFM_9fqsM
Don't comment on the video, comment on the forum.
I also found a new speed trick while doing this if its helpful to anyone.
Since I needed to maintain sprinting speed, I couldn't do the hopping glitch. Instead, while in air, I let go 2 frames before hitting subpixel 49, held it like that for 5 frames, then I started moving again to keep my running speed for 5 frames, then repeat.
What I'm trying to say is I let go of > for 5 frames, pressed > for 5 frames, and repeat.
This changes the running pattern to 49(x6), 48, 47, 48, 47, repeat. I might be slightly off with that. If you let go for 6 frames, mario's speed will fall to 46 for one frame, and it'll take longer to get it back to 49.
I cannot find the microstorage because I haven't had to use in it months, but if someone could post a link that would be great.