I started making a test run. About 90% of the time I was busy fighting the controls and trying to figure out how to make Link face the correct angles in just a few frames. It's really hard to do that. I only got to where you get the sword. I stopped at one of the bushes I wanted to get 3 rupees from, but either you can't get it from that bush or I've been having terrible luck, since I've gotten either 0 or 1 rupee many times. Anyway, I don't think I'll work on a test route with anything near the precision I got so far, because that'll just drive you crazy with the digital controls, but I just wanted to see what was possible. From now on it'll be just to confirm the route and see about perfecting item usage and collection.
It uses the normal graphics plugin, Jabo 1.6, and has 'Copy framebuffer to RDRAM' OFF. For the testrun it would be pretty silly to have it on, since no one would want to watch it if the long test couldn't be sped up, and was even slower than it is while playing it normally. But anyway, this was just a few hours of work, nothing special, and far from optimized. I went through the text in 50% speed and everything. And it only has about a minute of gameplay. =P
http://fast.filespace.org/CoolBumpty/OoT_Testrun.zip