So far in my test run getting max stars and never getting a coin, I am at 23 stars. It gets all the stars in the lobby first, then Bowser, then goes to the basement, goes up the slope through the water stomps the pillars, does the blue switch, then exits to the castle lobby and through the door to BBH then down the stairs and goes through the door and thats as far as I am, its about 25 minutes
here it is:
http://rapidshare.de/files/8849077/coinless.m64.html
I can't say its incredibly interesting, but its not horrible at the same time. It probably wont get really good until the later levels, but this is all I've had time for now, and no I didn't do the best way of doing blast through the wall or whatever it is in Whomps Fortress and also I didn't use the best method in JRB on the blast to the ledge star, in case that disturbs you when you get there.
I really didn't optimize this completely, as for one I had only 8 directions to deal with, so it could definetly go faster. Didn't use frame advance or really do anything slower than 40%, but I did use quite a few savestates.
It's worth a fast-forward viewing I'd say, or if you have the pacience, regular motion (minus JRB...That level is so slow).
I would really appreciate it if people told me if i missed any stars or if I did something horribly wrong strategically.
Anyway, I hope you enjoy it, and I will let you all know when I finish the basement, because hopefully it will be a bit more entertaining.