Irrespective of how people want to define a "major" glitch, this question has a pretty straightforward answer.
The hypothetical run you propose is not eligible for the Vault, because it is clearly not the fastest Any% or 100% run. The run is eligible for the other tiers only if people find it entertaining. It's hard to estimate if they will, but it seems to me that short GEG runs are usually preferred over longer ones. So unless your GEG is particularly unique or impressive, I'm going to say "most likely not". IANAJ.
<klmz> it reminds me of that people used to keep quoting adelikat's IRC statements in the old good days
<adelikat> no doubt
<adelikat> klmz, they still do
That's not quite it. Both of these are the fastest any% run for now, and their threads suggest that there are known improvements. That's not the same as having two actually existing runs for the same game, and it is not unusual for a movie to be published if some improvements are known to exist.
Getting back to your question, if somebody were to submit a run for either game with improvements, would this (1) obsolete the current movie, or (2) be a new branch? That's actually what you're asking here, yes? Given that neither of these runs is considered particularly entertaining, I'd be happy to bet that they will be obsoleted if a faster run is made. That is in line with my post above.
Conversely, if a slower run was made for either game, it's pretty obvious that this would this be rejected as being slower, and not published in a new branch, unless the slower run was somehow particularly impressive or entertaining.
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Fester's Quest was misjudged. It has speed/entertainment trade-offs and forgoes some glitches in order to make it more entertaining, and fails at that. So it should have been rejected until a run without trade offs is made.
EarthBound Beginnings was automatically moved to Vault when the latter was created, due to its rating, but it has an unvaultable goal, so this should be fixed by mooning it (since we can't unpublish).
Warning: When making decisions, I try to collect as much data as possible before actually deciding. I try to abstract away and see the principles behind real world events and people's opinions. I try to generalize them and turn into something clear and reusable. I hate depending on unpredictable and having to make lottery guesses. Any problem can be solved by systems thinking and acting.