I haven't watched this time attack in about a month, but this is a definite no vote. There are numerous things that can be done faster.
-In round 1-1 you end up with 2:36 on the timer, I have managed 2:40 on an actual console. The main reason why you are so slow is because you switch between the upper and lower parts of the stage too much.
-I'm a little hazy on this, but I don't think the jump kick was abused enough. There are two reasons to abuse the jump kick:
-you maintain forward momentum while taking out enemies.
-it takes out the shielded guys who throw discs at you.
-you shouldn't miss so many shurikens on the bonus stages, anyone on a console could do what you did on the bonus stages.
-I'm positive the 4th stage boss can be killed much faster by locking it into hit-stun. When the boss gets hit, your shuriken will go through the boss, meaning you can time a shuriken to hit the boss again when it is recovering from hit stun.
-There is probably a bunch of little stuff I could mention, but I don't remember this time attack too well.
-there was some stuff I liked, like how you dealt with the 3rd boss.
Joseph Collins: Wow, you are reviving a lot of old workbench submissions.
-The bonus stages last until the very last ninja disappears from the screen, no exceptions (I think you confused this with the arcade version of Shadow Dancer).
-Using the ninjitsu to kill the first stage boss would take at least 3-4 seconds for only 2 points of damage. I doubt it would be faster.
-Yes, the final battle is slow, but maybe with some frame perfect timing it is possible to get more hits in when the boss is vulnerable. If you're thinking about exposing the weak point earlier, it isn't possible, the pattern of the final boss is fixed. (edit) I realized the final boss does vary the rate at which he spawns the ninjas, so the final boss battle can be manipulated.
EDIT: Stage 1-1 done at 100% speed can be found
here. I should probably attempt a time attack of this game, but I don't have the patience and I'm too lazy.