I wish I could say the same about Mega Man X series though; the number of hacks of Mega Man X games can be counted on one hand.
Correct, the last phase of the final boss has a infinite-loop path and the rings gets restart and restar and never ends. But in general doomsday zone has 194 normal rings to collect during the level, if you check the "camhack + ring locations encode" you can see that the rings respawn just before the final hit. But we won't collected these rings because these was duplicated and we don't want to collect rings until reach the timelimit.
If you look at the Tails POV Encode, he collects some rings everytime before getting sent back to Sonic. I think that's the part you mean, even though I have no knowledge about this game.
I would prefer a run that merges "max coins" and "all items". You could 1st goal: get all items and then, as a 2nd goal, get all coins possible (Without hurting the 1st goal; Not the same coin twice) And as a 3rd goal, destroy all blocks possible (Without hurting the 1st and 2nd goal; Not the same blocks twice) And as a 4th goal, kill all enemies possible (Without hurting the 1st, 2nd and 3rd goal; Lakitu and his spawns; but not jumping Cheep-cheep and Bullet bill. As a stylistic choice, you might go for highest flagpole jump and 6 fireworks every stage.