I don't know if this has been brought up before, if it has, I'm sorry about that. I may have done some mistakes here but I don't think I have.
I was playing the Eu version of SMW and noticed that the speed value was 63 and realized later that it was because it run on 50 frames and I started testing if the E version could've been faster and it seems like it is.
63 * 50 means the speed is 3150 per second on the E version.
51 * 60 means the speed is 3060 per second on the U version.
So in theory it should be faster so I tested it out on YI2.
From restart without the hop glitch the frame counts looks something like this:
YI 2 (no hop glitch):
(E) (1.1): 1400 (28) - 2749 (54,98) = 1349 (26,98)
(U) (1.0): 1596 (26,6) - 3265 (54,41666..) = 1669 (27,8166..)
The numbers inside the ( ) is how many seconds. you can see that the E version is a lot slower at starting the game but the time inside the level is slightly faster.
With the hop glitch:
The E version YI2 was: 1320 (26,4)
The U version YI2 was: 1631 (27,18333...)
With the flying:
(E) (1.1): 113 - 1396 = 1283 (25,66) (I accidently flied at 63 instead of 64)
(U) (1.0): 125 - 1698 = 1573 (26,21666...)
So the E version is indeed moving faster but I don't know these things between the levels and such things like that. But I would like to see this tested out a bit more.
I also noticed that on the E version you can Jump a bit higher/longer, for example the first castle before the door you can jump over the whole gap without grabbing the net. You do also "fly" higher.
I'm sorry if this was confusing but this is how I think. I hope this helps in some way though I'm not sure at all that the E version is faster.
// Arne the great
Edit:
Btw,
THIS should be faster at least.
I bowser could be faster on PAL too.
I don't think this could save any time on the any% but it might save time on the full.