I saved 20 seconds from my previous WR but still made a handful of mistakes, so this could be faster. Some of my movement and charge times were also suboptimal. I'd guess 4:43 is possible with perfect execution.

Faster strats: 12: Dashing twice lets you AA Sting on the 2nd jump instead of the 3rd like in my previous run, where I started with two forward jumps 15: Used Lv. 2 Focus instead of Lv. 3 (more precise link afterward) 20: I activate U1 from much closer, saving a ton of time 21: Again I activate U1 from closer and hit same-side j.LK instead of crossup. This deeper j.LK lets me skip 2LP, and I cancel 2HP into Super instead of waiting to juggle it 22: Instead of pushing to the corner and using fullscreen U1, I'm able to do a very precise Red Focus crumple xx Dash U1 midscreen. You have to either dash as late as possible while maintaining charge, or dash as early as possible so you can re-obtain charge. Both are extremely precise. 23: I skipped the Red Focus cheese strat and just linked 2HP into HP Sting

Mistakes: 11: Dropped the 2MP, 2MK link, losing 1.7 seconds 24: Dropped the link after 2MP, losing about 3 seconds. Still faster than pushing to the corner and using U1 to help with the timing.