Awesome to see that someone has TASed this game! Also cool to see that the strategies I tried out for my RTA run proved to be more feasible for a TAS (some enemy skips and a few swings). I feel more like revisiting this speedrun now.
However, I must point out one way in which you can save a large number of frames. On phase 2 of the final bossfight, it's possible to get all the necessary hits in in one go. There's no need for penguin to come down twice during that part. I've only pulled this off once, during ESA2013, when I was practicing for the marathon run, and sadly don't have a video of it. I do remember that the boss showed up one position further to the left, and I may have attacked him with the rope only.
I'm a scrub at TASing, so not sure how feasible it is, but I would recommend re-doing phase 2 and 3 of the TAS; it would save a good few seconds.