Alright, I have the Octomamm fight good to go. I'll probably take another couple goes at him to see if i can get better luck manipulation, but here's the WIP for you guys.
http://dehacked.2y.net/microstorage.php/info/1921097729/FF2.smv
Thanks to Nitrodon for telling me to try equipping the sword in battle, which saved 150 some odd frames as well as allowing me to have the purple cecil glitch without wasteing any time.
Rydia is lvl 5, and has enough mp to cast chocobo 5 times on antlion which should be just enough dmg combined with 5 cecil attacks and 1 attack from edward. I will be trying to manipulate the dmg so that I wont need the edward attack, but i'll have to see how that goes when I get there.
Comparison versus SDA run
Real time: approximately 24:15 vs 20:23
In-game Time: Near exactly 22:00 vs 15:44
Now that I've made some headway in the game, I can now set a realistic goal for total game time, I will be aiming for 3hrs real time and between 2:30 - 2:40 in-game time.