There is/was a seg run going on someday. Since least portals are really really hard, we would have only "barely least portals" category. I mean the strats would be very hard for not much fun. However if you do a run, dear Racingmonster and the community likes it, then yeah, I guess that could become popular.
You could just make it a challenge run instead of a speedrun. The person who is able to beat the game using the least portals has WR. If two people tie, the person who has the lowest time wins.
An update has been released for SST that adds the command sst_portal_resetisg. This command removes Item Save Glitch and is to be used in place of restarting the game. This is a temporary solution while a more robust and legitimate one is developed.
The reasoning for allowing this is to make the ne