I literally spent over 20 hours trying to find a skip, but it doesn't appear to be possible to me.
This is the hitbox. Around the hitbox is an invisible wall (which is open below and above). You can cancel the hitbox by using the wind waker on the same frame it would knock you back. When taking damage, Link no longer is invulnerable to the hitbox, so he gets knocked back as soon as he stops blinking red.
When taking damage, Link doesn't stop blinking red until he gets up (from his fall) and active for a split second. For this reason, it's not possible to take damage to get Link's HP down to 0 (to start a zombie hover later) and still cancel the knockback - Link dies before he can cancel it.
He could wind waker dive, but then the hitbox isn't blocked and he gets the knockback as soon as he starts zombie hovering. It's also not possible to zombie hover above the barrier since, as explained, you can't be dead AND have canceled the knockback. You also can't reach the ceiling of the barrier by zombie hovering from a place far from the barrier (castle entrance where the king of red lions is), and if you could you still get knocked back towards the
middle point of the barrier.
You also can't
bomb clip since the railing ledge isn't possible to grab. You can grab it for
very brief moments (1~2 frames) - I noticed that Link tries to grab it for one more frame when holding R or another specific button... but you can't extend the ledge grab past this point, sadly.
What we need:
-> a glitch that lets Link lose HP without him blinking red.
-> make it possible to grab the railing ledge
-> a glitch that simply cancels the hitbox of the barrier, or some other new glitch