• Don't crash.
• Hold up on the d-pad for the entire duration of the race.
• Avoid fuel as the fuel bonus count down at the end of scenes will take longer.
• Avoid the maintenance spark plug thing that shows up when fuel is very low.
• Don't run out of fuel. The ideal amount of fuel to pick up seems to be two per scene (zero on scene 4). You should end each scene with about six fuel.
• Jump a little early on the final jump of each scene so as to arrive as close to the finish line as possible. It should save a fraction of a second, maybe one or two tenths.

WR is currently 4m 44s 830ms by NESCardinality. This was a near-perfect run in terms of fuel (all ended on 006L except for scene 4 which ended on 016L. Also near-perfect in terms of finish line placement. Scene 3 could have landed a bit earlier. It would take maybe a few dozen attempts and memorizing fuel can locations and jump locations to improve upon, but it still wouldn't lower the time to the next second. Pretty amazing!

Here's the TAS for comparison: