I just watched the video you posted on page 1. Once again, on 400% speed, and I appreciated it. As you said, it does more closely match my notion of 100% than your latest 25 keys run.
You did leave some places unbombed or some trees unburned, if they were for gambling, medicine, or door repair.
I was thinking more about what 100% means to me. I noticed, for example, that you don't even need to get the blue ring by my definition, because once you get the red ring it overwrites it. I don't remember if you can downgrade your ring, but if you can, you would still need to get the red one just so it simply doesn't show up in the dungeon. Hmm... Then you'd have to get the blue ring again, if you could downgrade, because that change could not be undone. This sounds very silly to me. Maybe I should change my idea from "do what cannot be undone" to "become as powerful as possible." However, this is speculation, based upon whether you can downgrade your ring. If you can't, I think I'll keep my initial definition.
I noticed that you bought the meat the second time, because after you do that you can't get rid of it.
Going along with the "that which cannot be undone" train of thought, if you can do A then B, or B then A, and the latter is the one that is unchangeable, then I would suggest to do the one that is obviously stronger. However, if the value is subjective, then it doesn't matter, so long as the final result is unchangeable.
A good example I kept going back to was the idea of what should be saved in my bottles in Zelda 64. In case you don't know the game, you get 4 bottles which you can store a red, green, blue potion, or a fairy. The red fills up all your life, green all your magic, blue all of both, and the fairy will revive all of your life even after you die.
I would say that it is subjective whether the blue potion is better than the fairy. While it does restore all the magic and the fairy does not, the fairy does work automatically after death. So you could fill your bottles with all blue, or all fairies, or any combination of both. But what is clear is that you should not have red or green potions, as they are clearly inferior.
I am interested in the fastest run for 1) Zelda 1 with glitches, 2) Zelda 1 with "intended" gameplay, 3) Zelda 1 100% with glitches, and 4) Zelda 1 100% with "intended" gameplay. While the glitched runs may never be provably the best of their class, the intended 100% run is also particularly daunting of a task, computationally. There are just so many different routes and things to consider.
It is unfortunate that after you beat the game, the second quest file erases your first quest file. It makes the conquest of 100% by any definition seem pointless. I suppose a 100% run is all the things I just described, but on the second quest. I think it's fair to "cheat" and consider the first quest as a mathematical entity of its own, for which we want to complete as thoroughly as possible.
You said you can hold 255 keys. How do you know this? Maybe there is a preset limit, just like there is a limit for bombs. As you said, you don't want to be visiting the gambling game till the sun burned out. I think for this reason it is also okay to handwave away the gameover counter limit.