Well I left this alone for a really long time because my life is a mess right now, but here is a complete run:
http://dehacked.2y.net/microstorage.php/info/940420785/Gargoyle%27s%20Quest%20-%20Ghosts%27n%20Goblins.vbm
Well sort of. Huge chunks of the run after the halfway point are copy-pasted from MattyXB's run, because (1) they were sections that seemed optimized to me already, and (2) because I am too burnt out to do anything else with it right now. So I'm not really considering this version for submission since it's pretty blatantly plagiarized.
The final frame difference between the two runs is 6594 (just under 1m50s).
I'm sure there is plenty more time to be saved in terms of lag management.
Oh and something interesting to note: earlier I talked about the possibility of saving time by intentionally killing myself and respawning at the last dungeon instead of having to cross the bridge again. Well I tried it out and amazingly there was a ZERO frame difference. I literally ended up progressing to the next area on the exact same frame despite them being very different routes. Weird.
and to answer Derakon's question, the next upgrade I get changes my jumpheight + wingpower to the same level independent of my previous upgrades