My first time (this morning before I went to sleep) was 4:52 with 68%
The time is deceptive because I used save states rather than normal saving, so very little time was wasted 'in game.' It actually took me over 12 hours.
I thought I played extremely thoroughly, so the percentage was surprisingly low.
Normal mode, 3:42:33, 68%... but of course I was hardly going for speed. I spent about 5 minutes trying to get a super missiles expansion and eventually gave up.
You can skip the wave beam, power grip (wait, I knew about this, hahah!), and screw attack? o_O
And wow, you did that fast. I thought I was awesome with 1:20, skipping almost every weapon and the high jump boots.
I must see your movie.
-edit- You sent it in to nate, right? Hope it goes up. I sent in 4 movies of early item collection (an energy tank and 3 missiles), and an idea for using the bomb jump trick easier, but he never responded or put it up.