I believe that there was the same issue with Secret of Evermore. It's not a big deal, there'll just have to be the storyline shown in the movie. (assuming this gets done)
I really liked Banjo-Kazooie too, even more than Mario 64 in some ways. I was wondering whether it would make more sense to cut off some time by skipping 90 notes and 6 jigsaw pieces and all of the honey comb pieces, or just get everything. In a real run it isn't practical since you want the extra life and the refills of eggs and feathers, but in a TAS it could easily be done. But then the ending wouldn't show the secret key and eggs. And of course it's a lot harder to plan everything. Especially those 90 notes. The honeycomb skipping would be easy, but if that's done, you might as well skip the 90 notes too, and there's a lot of planning in that.
Other than that possibility, I don't see a whole lot more that can be done with a TAS compared to the run there. I can see a lot of areas to optimize, but it'll be nowhere near a Mario 64 run since there are very few tricks that can be used to go through places faster. I'm sure that a good run would be published, but I can't really think of anything that would make a run of this game worth a star. On the plus side, I think it would be easier to do this than a 120 star Mario 64 run. Maybe I should do some testing with the game. But I haven't really played it since I beat the game the year it came out.
My guess is that a run that's done in the same manner as the speedrun could be about 30-60 minutes faster (in terms of gameplay time) with tools for precision, luck manipulation, etc. But if there's a new route and/or a lower than 100% run, it could be more. After all, there are some really inconvenient jigsaw pieces and notes and honeycombs that you have to get. It may get to about an hour and 30 minutes for a minimalist run. Although it'll probably be more likely between 90 and 120 minutes. But this is all guessing in my head. I'm probably way off.