New SS route
1. Skip Ordon days 1 and 2 (skip fishing rod, slingshot).
2. I think eventually Ordon sword and shield skip should be attempted during SS, but go ahead and get those items.
3. Play like you did with your old SS up until beating Darkhammer.
4. After the Darkhammer fight, warp out, warp to area close to Castle Town, turn into human, enter Castle Town, trigger the Telma escort.
4. Use bombs from lent bomb bag to beat King Bulblin, LJA over the 1st King Bulblin trigger close to Kakariko village, get Zora armor.
5. Warp to Lake Hylia, get box, do Midna dive OoB, enter Lakebed.
6. In room before Deku Toad, use B&C to break the rock (this is faster than emptying the rest of the stolen bomb bag and getting water bombs).
7. With Zora armor on, you can still use the iron boots trick to skip Morpheel throwing you off its back.
8. Use B&C to break a barricade in the desert and clip through the 2nd barricade as wolf Link.
I mentioned this on SDA awhile back I think, but the new route only saves around 01:15 and there are still risks involved. The 01:15 saved assumes that you don't take too much time pushing the bulblins to save Talo and have a near perfect King Bulblin fight with bombs. The timing can be frustrating. It normally takes 3 bombs (sometimes it is possible with 2 bombs). If it takes more than 7 bombs or so, all the time is eaten up basically. If you don't skip the 1st King Bulblin trigger with the LJA, then that will eat up most of the time saved also. Mess up on both those things, and you could lose several minutes over your old speedrun. However, having said that, Lakebed will be easier to deal with having Zora armor. Morpheel fight will be faster, no Eldin grotto for fishing for bombs, underwater Zant fight is faster, etc.
King Bulblin fight
http://www.youtube.com/watch?v=dh9bjQHoREISkip trigger with LJA
http://www.youtube.com/watch?v=Rr2CQsvYBHoBreak rock with B&C
http://www.youtube.com/watch?v=pM1CTW15hOs