[1686] NES Mega Man by Shinryuu & finalfighter in 12:23.34
NESHawk and Mesen agree that a slightly modified version of this run should work on console. I think this run would provide a lot of interesting commentary about how NES works, what the NMI glitch is, and how TASers exploited it. It's the same basic glitch throughout the run, so 12 minutes should be more then enough to cover things at a reasonable pace. You could even explain the basic idea with some visuals or something fun.
This might be more technical risk then you want though. If you are intereseted, you might to have TASbot run through this file up to the first glitch in Ice Man stage. If it can hit the glitch consistently (which both BizHawk and Mesen do, so it should be fairly stable) maybe it's consistent enough for the event. It still needs to be re-synced to BizHawk though.
(you can truncate the movie to right after the delaywatercurrent glitch, it's only synced to there)
http://tasvideos.org/userfiles/info/44988607938034213
Also, I can help with anything NES or BizHawk related if it's needed.
Also I like keylie's idea, that sounds cool.