Chiming in to say that the cause of the crash is hardware and not software related, so the distinction between N64/VC is a tad arbitrary. AFAIK the glitch works on emulators with recompiler just like it does on VC.. so IF a "vc" tas is done, it doesn't even have to be done on dolphin..... 
technically. That is to say 
there is no software difference causing this specific difference.
I can't think of any precedent for time-saving, hardware-related glitches on this site, but an official ruling 
[?] would be cool since this issue has come up in other N64 games as well with 
hardware-dependent glitch differences (Paper Mario iirc has some vc exclusives).
My 2 cents? It's a hardware glitch and shouldn't be in a tool-assisted run. The fact that it's possible on certain consoles due to the nature of emulation is irrelevant. Besides, it's in 
OOT 3D
edit: this post is about gim, not the emulator bugs that skater posted