Because of the time it takes to go through the menu and activate the effect, using the bike to go back to the desk only saves 2 or 3 frames the first couple times; for the last two times, the Bicycle option had moved so far down the menu that it wouldn't have saved any time (as far as I could tell).
The only two ways I know of activating the speed glitch are the drop-the-bike version, which I use the first time, and the snowman version, which I use thereafter. The second one is roughly three seconds faster. Since the whole process takes about 23 seconds anyway, if there's a faster method I'd sure love to hear about it :)
As far as TASing other RPG Maker games, I assume they would run into the same problems, at least with the current version of Hourglass: it doesn't seem to like MP3s, and it glitches up with any audio that fades in gradually. Notice that in certain sections (title screen, mural world, candle world, etc.) the music seems to start up abruptly; that's because I had to change the fade-in time on those areas to zero, or the music wouldn't play. Otherwise, I can't think of any reason why other RPG Maker games wouldn't work (though YN is the only one I personally know of).
Thanks for the reply!
For anyone who's interested, Yume Nikki works, though some slight tweaking was necessary (audio problems). It's not exactly the most exciting game in the universe, unfortunately.
Just wanted to thank Nitsuja for making this kick-ass program.