So apparently there's a Japanese TAS that clocks in at 1:25.
http://www.nicovideo.jp/watch/sm17294752
It was made in 2012 so I don't know how optimized it is, but the strategies utilized are interesting to say the least. In lieu of Fandango or Magnolia Frau, the runner opts for Seventh Heaven (crossbow found in the Wine Cellar). I knew an Arbalest would be best for ng+ and this selection confirms the notion that the best defense is a good offense. The animation might even be faster, I need to confirm this. The range on the crossbow allows the player to initiate combat every time, thus ensuring that a continuous chain combo prevents any enemy/boss from attacking hence negating the need for leveling up defense abilities. It seems like the TAS utilizes Instill/Phantom Pain combinations in conjunction with Raging Ache. This drastically reduces boss battle times although I am unclear how the mechanic works because it appears to be used consecutively which is something I was unaware about. I don't want to give away anything else...even stat selection differed from my expectations.