JSmith, I don't think that's possible due to the fact that once you hit a jiggy your x and y velocity become zero, so I don't know how you could clip the pixel and then fall. a jiggy that is in the process of bouncing (let's call it moving) does not have this effect. so there are a few jiggies where this case may be of interest...
But I did discover something interesting that was overlooked! If you fall into the water before doing a jiggy dance you are holding a jiggy. we thought that this was useless because it just meant once you reached land you would dance anyway. guess what. you can swim underwater like normal, and then one simple hop out of the water and back in (right away or whenever) collects the jiggy for real. Also the hop will have zero x and y velocity interestingly enough. In the video I made, I collected a jinjo jiggy so I had to wait for the jinjo to disappear before I would even be able to dance anyway, which makes me suspect that if a jiggy is close enought to a ledge, that you could hit it and fall into the water and it would be immediate collection.
the reason I don't move in the water is because I can't: banjo is waiting for the jinjo to disappear so he can dance.
http://72.233.35.202/tas/bk/bk-jiggyantics.mkv