So I completed a test run of this game.
MKV:
http://www.mediafire.com/?y8cbigzrlbabotz
Time is 9:56.57 so I got sub-10min. I have no doubt it could be further optimized by some seconds. This is my first attempt at TASing and the only real tools used were rerecording and frame advance. I made a 2 second strategy error in Shadowlands; I spliced the fix into the video.
On my system, sound effects don't play in this game, just the bgm. Also, the framerate of this game is 57.1fps; the run was made set to 60. A better choice would have been 57. The run did indeed play ~5% faster than it should, so I have carefully adjusted this video accordingly to make the playback and run time accurate. In the past I prescribed a few Hourglass settings changes, but I think the only one necessary is Allow loading any custom/installed DLLs.
I hope this shows the potential of the game to be TASed and lays out the route for someone with more ability than me. I think hourglass will need to support fractional framerates before this game can be TASed to site standards; as far as I know it doesn't yet. And the whole sound effects not working thing sucks, although I'm not ruling that out as being a problem with my setup.