i found that it is possible to make the fastest egg shot in 1-1 using princess. in order to do it, a slightly different clip must be performed in the cave.

the clip is tricky, but i will try to explain my best how to do it:

• first, you need to try to charge jump as soon as possible.
• once you are up top and grab the shyguy, throw him against the left wall.
• when you are at the bottom of the pit, press up as soon as the shyguy falls on your head, then immediately start holding down.
• once you are able to move again after taking damage, start mashing the down button.
• you do not need to be perfect, but the window in order to make the egg shot is pretty tight.

So the clip kinda works in the same way you clip in All Stars 1-1 with mario, right? Nice find!

This works with all characters on every version of the game.