Decided to explore my old collection of demo discs from when I was a kid and stumbled upon this little gem, realised nobody has done a speedrun for it yet so I decided to go for it ^^

This is the disc I was playing: https://archive.org/details/nordic-fall-2003-demo

As for the rules my suggestion would be:

"Time starts when gaining control of Ratchet after selecting "Go to Maktar Resort"

Time ends after finishing 1st in all 5 hoverbike challenges after having also completed the Battle Sphere mission and all the Gladiator Arena challenges as well as the two electrolyzer puzzles after the arena.

Do not select the "Jump to..." options in the main menu."

If you could select to jump to the arena or the sphere then the run would just be warping past all of the traversal and puzzling of maktar resort, and I personally think it makes the most sense that you'd do all the content available in the demo.

Also interesting to note is that there is a gold bolt (not platinum) at 34:12 in the video haha