No progress on my run. I have put my run on hold and I am trying to find new tricks and discover new bugs which would help in my run further.
http://dehacked.2y.net/microstorage.php/info/2899/ianthorpestyle.smv
Here is a .smv featuring a new trick where Link swims at dash speed (not the whole time though). I am still experimenting on it. While I was though, I got lodged into the mountain, in this .smv, I tried to re-create what I encountered earlier. I will continue tests on that bug as well. I feel that this bug has great potential for abuse. Especially for dezbeast's 100% run where he needs to warp back and forth between worlds for heart pieces and whatnot.
Edit: Upon viewing the .smv a second time, all the fun stuff happens before 4000 frames. Everything after that is rather boring.
Edit2: I sucessfully grabbed that heart piece on that island to the west of where I used the bug in the .smv. I'm now definite that this new bug will save time in the 100% run in one way or another.
Edit3:
http://dehacked.2y.net/microstorage.php/info/2900/heartpiece.smv
Here's a .smv of me grabbing said heart piece. While attempting to, I also managed to TELEPORT, althought the destination was on the same screen. The first bug seems pretty straight forward: swim dash into a diagonal part of the land, if positioned right, you won't get stuck in the point of no return (stuck forever unless you save/quit, and since the game thinks you're swimming, you can't use flute or mirror), but instead, get sent back into the water or even better, onto the land. The teleporting starts at around frame 3700 while the sucess of grabbing the heart appears near the end.
Dehacked, sorry for uploading multiple long .smv files.
Lastly, thanks Assassin for requesting savestates from me, since I've been meaning to make savestates ever since I accidently deleted the set I made a long time ago. Your request prompted me to start work on the savestates (which I'd be doing myself a favor as well), and the discovery of these bugs. Thanks man. I admire you heaps for the work you do, and your discoveries on ALTTP, FF3 and Evermore are amazing. By the way, I'll have the savestates ready for you tomorrow.