http://www.youtube.com/watch?v=qETfec-JXg4My proof. Final time of 4:29.
I suffered many major setbacks during this run in addition to sucking at MM. My route (or what I can remember of it - my iPod died while recording it)
Prologue
Attempted reset to skip Tatl text, timed it wrong
Waste 10 minutes redoing the prologue (WHAT THE FUCK)
Magic, 101 rupees in bank, first cycle crap, etc etc
Deku Mask, forget to hit CT owl
Southern Swamp, get red potion, heal Koume, boat cruise
Fuck up Deku Palace countless times
Give up and get to grotto
Buy 8 beans cause I couldn't remember how many I needed
Try to get Sonata legit, fuck up multiple times
Finally get Sonata
Woodfall Temple, bow hover
SoT cause I forgot to hit CT owl
Realize I just wasted 80 rupees on beans that I never used
Profanity
ECT silver rupee, stock up (30 arrows, 10 bombs, 10 chus)
To Mountain Village
Go through arduous process of getting Goron Mask
Warp to Swamp
Get halfway through Swamp Spider House
Game resets on me (GODDAMN PIECE OF SHIT DECREPIT N64)
Get Goron Mask again, yadda yadda yadda
Run upstairs, look up where to find bugs (they're everywhere in SSH, goddammit)
Fall down the stairs
Weird route for Swamp Spider House that wasted a lot of time
Took me about 20 Goron punches to coax the skulltulas out of the vases in the east room (da fuck?)
Realize two skulltulas required magic beans (ah, shit)
Attempt hovers
Waste explosives fiddling with the positioning
Run out of explosives, back to Deku Palace *sigh*
Buy 3 beans
Get two skulltulas that require beans, I now have 29
Spend an assload of time looking for that one that I missed
Go through every room listening for scratching sounds
Can't hear anymore spiders (WTF)
Finally find last spider in a beehive in the north room
Get Mask of Truth, SoT
Realize Fire Arrows are required for Oceanside Spider House
Warp to Mountain Village, HSW, Goron Lullaby (I knew where to go this time)
Get Fire Arrows quickly because I now remember where they are
SoT, restock
Waste all my explosives trying to get over fence to Great Bay Coast (wow, I suck)
Reset, restock, hover into Great Bay Coast
Zora Mask, enter Pirates' Fortress legit because I'm low on bombs, get caught several times in process
Realize KOing pirates is only temporary
Get caught twice (I suck at PF)
Finally get the damn Hookshot
Try to get a somewhat decent pic of a pirate
SoT, restock, warp to Great Bay
Oceanside Spider House, Giant's Wallet
Realize SoT deleted my pic (durf)
Try to get a good pic without getting caught
Fisherman doesn't accept it
Try to get one from a pirate on a boat
Fisherman accepts the pic on my 3rd attempt
Pinnacle Rock, seahorse, end
EDIT: Apparently Fire Arrows and Goron Mask weren't actually required...but I don't know how to get all the spiders without them.