So after doing some quick research into how Chocobo World works on the PS, depending on how the emulator handles the import of the Chocobo, it could turn into a very interesting discussion.
Essentially the Chocobo World is a memory card with a display on it. So at the first available point to send the little chocobo to Chocobo World and back again 100% loaded would take very little time in game time. A speed-runner could very easily get to that point, save, and then spend the next few weeks/months playing Chocobo's world to get a fully loaded chocobo, come back to the game and suddenly have all kinds of really cool stuff and have spend almost zero time in-game to get it.
I'm curious as to opinions on this. Personally if I could take advantage of it, I would. Being able to go straight to the best weapons of the game right at disk 2 is pretty cool to me....
Here's a resource on Chocobo World:
http://hans.liss.pp.se/wiki/doku.php?id=chocobo_world_and_the_pocketstation