I think I just have improved your bomb/arrow route:). In dungeon 5, at the skeleton, you could do the L+R glitch to set more than one bomb at a time so you can save an arrow on phase 1 and 4. These two could be used to kill the Key 4 moldorm.
Also, when you get the key 6 you are switching to the bracelet as you need it later, then you could lift one of the pots to get an extra arrow. That could save time somewhere, like in dungeon 6... Can't belive I did that stupid mistake. You take a like 5-7 sec way to get a arrow in dungeon 6... It would sure save more time to take that at the south shrine. A new route will come in a while :D.
Also, I'm looking through the SDA topic now. There's sure something useful there that we have forgotten...
http://speeddemosarchive.com/yabb/YaBB.pl?board=consoles_older;action=display;num=1148724340;start=60
Have you came any further?
EDIT: Was also thinking... The trick with the red tunic, do you know how it "works" and if you could do it in this new run?