Just watched your movie on BizHawk. I have some feedback on a couple of things, in which I'll touch on. I'm sure more experienced TASers will be able to explain some details better than I.
When I loaded your movie file, the first thing I noticed was your low rerecord count (31). This is fine for now since your run is a WIP, but this shows me that there's still a lot of work needed for finding optimization. In general, it looks like the boss battles and your use of auto-fire and positioning can be done faster. Have you experimented with the game's power-ups to find the best combination for speed?
Also, since Phelios is an auto-scroller this really gives you an opportunity to focus on entertainment! If you haven't already, I recommend checking out Adelikat's run of Gradius
http://tasvideos.org/711M.html to get an idea of some things that you can throughout the various stages.
One last thing: You can stop your movie as soon as you make your last decisive input (e.g. landing the last shot on the final boss). Recording all the way through the game's ending and credits isn't normally required - and adds unnecessary time to your run.
Hope this feedback helps!