This is the same as my previous upload, but with MHZ2 now completed and some optimizations.
Optimizations:
A flame shield is now obtained in MHZ1 instead of a ring monitor, saving time(I didn't record how much time it would save)
I use the aqua shield bounce in frame 1475 unlike my previous upload, saving around 10 frames
I changed the layout of Special Stage No.3 to a faster route saving 26 frames
Potential Improvements:
Sonic & Knuckles's physics engine works different when it's not locked on with Sonic 3 as less memory is allocated. Some examples include:
In around 0:15(IGT, MHZ2), I had to do a three second time loss since I didn't find an angle to jump to the slope at the right time.
I also had to do a three-second time loss in around 0:35(IGT, MHZ2)