I'm not the master of time attacking or anything, but it seems like it could be done even faster. I'm not putting it down at all; just giving advice so all that I say should be taken as helpful for everyone and not otherwise.
I don't know how hard it is for this game, or rather any game more advanced than the average NES game. Obviously things can almost always be done faster because of finding out of new things to go faster and people asking questions about their method in each area of the game. But I imagine if time attacks were possible on a game like Metroid Prime, there would be even more things to consider and there will ALWAYS be room for improvement even with emulation. Like on the first version of your time attack I watched when you are running across the spikes getting hit and jumping to get to the statue that carries you, your last jump just barely escaped the tip of the spikes. But on the second time attack you made much more distance. What made that difference?
So, I definitely don't know as much about doing things fast in SM, but it seems like there are a lot of stops and stuff like when you run and then jump and then land; when you land you stop. I'm aware that if there is absolutely no way to avoid this, then that's life. It's just that I am always in like this huge JET SPEED MOTION GOGOGOGO SPEED RUN WOOOO attitude when I watch these things. Or at least that's what I like to think. I always imagine when Samus (hehe I said Samus) lands which makes her stop that there would be some kinda game mechanics to avoid it like rolling into a ball to bounce and still have some speed and then unrolling and then gaining more speed again and so on. Also, in the beginning when falling off the ledges to reach the bottom of the screen. Samus runs off the ledge in order to do so. Is this really the fastest way? Can't she jump off to gain speed rather than walking off and having the slow starting-to-fall momentum take over each time? Again with the ball: What about rolling into a ball more throughout the whole thing? Would some timing/ball mechanics make it faster? Then there's the ball bomb and how you don't need to have it right next to the wall in order for the piece to blow up, like in Zelda 1. I notice this is done sometimes but then not other times. I KNOW it will be faster if it was done every time. I would do it, BUT I remember I think it was TSA saying for Ocarina of Time that he could have done the z target and side jump thing across Hyrule Field and other long distance places since it actually is faster, but he said he didn't since it would only cut a few seconds off the whole game or something. I don't know how hard it is to do all this or how many more redos it would take and frustration and argh I want to kill myself, but whatever. Just throwing it out. It already seems like sometimes creating these movies has that kind of frustration as it is.
Another question. Can another shot be pulled off most of the times just before the squid boss (hehe I said squid boss) closes its eye and disappears? Like I thought I remember one time you shot off the screen just in time to get one more shot in this one time. But I just watched the second one and it seems there were like 3 times or more this could have been done, since with emulation you should be able to tell where it's going to come from.