Even though I would like to continue it, I really lack the time to do it until a long time (if ever).
If someone want to continue it, feel free to take my current work. I think I prefer to contribute by giving strategy and input.
I will give now and then some advices.
With the Sketch glitch, the run is pretty much trivial ecept for 1 thing : the 3 tiers of the final encounter (Kefke himself is easy since he's alone).
The route is the same as the 5:26 run on SDA until the floating continent. Then follow the little SMV I posted for Sketch glitch. Before the going to the floating continent, you will need to perform the first part of the glitch to get Gem Boxes and Economizers (Allowing you to cast 2 spells per turn at the cost of 1 MP). To be able to glitch, you will need to have a proper magic spell configuration so that Mute is in spell slot 28 (this need to be tested). For the second part, you will need to bring Relm with you to the floating continent (since Dragon is the only Mould 7 enemy formation avalaible at this point). The second part of the glitch gives Illuminas and Paladin shields (used to get a very high MBlock %, high attack power and the possibility for everyone to learn Ultima at the same time). Don't forget to arrange your inventory to avoid overwrite. More information on sketch glitch on this page :
http://masterzed.cavesofnarshe.com/GameDocs/ff3sktch.txt
With the sketch glitch, you can safely skip the Fenix Cave and the Tower of Magic. However, skipping the the Fenix Cave will limit you possibilities for the final fight as :
-You won't have Locke
-You won't have Phenix
-No Life3
Your final party will be Edgar, Celes, Setzer and Mog (You'd be crazy to skip him). You could recruit another member as an Echo Screener.
I thought about 2 startegies for the final fight :
1) The safe and easy way. Get everyone to learn Ultima. Equip everyone with Gem Box + Economizer. Spam Ultima. Short battle
2)The hard way : Equip everyone with dual Illumina (Might be worth getting some Merit Award for Setzer and Mog) The fight will be long.
I will post more info later