Does the version really matter for speed running this game since we use IGT? I guess what I'm asking is when the game is loading does that count as IGT? What counts as IGT?

No, actually we still use RTA as default, the precision of time is better with it. Plus, IGT doesn't count the HUB Movement, and also the rest of the game. In fact, IGT would only be counting as default if the '' Everything '' of the game was count internally. So, yes, the version matters a lot if you want a good place on the boards... Hope that answers your question :3

Last I remember, there HAS been some work on a loadless timer, but I'm not 100% sure if it'll get put in place as something that will allow other versions to be loadless as well, but the basis is using the IGT frame counter to dictate the time for the timer, which SHOULD be close enough to be comparable to taking a video of a run from console and just editing out the loading times themselves in theory. You'd have to ask ShiningFace about it, though, considering he's the one that was actually working on it, last I checked

Just as a side-note, the PC Disc version runs at a maximum of 63 FPS (varies between 60 and 63 depending on your hardware, not counting lag), whereas all the other versions run at 60 with the exception of the Dreamcast version and cutscenes. DC runs at 30 visual FPS and so do cutscenes for all versions (except Twinkle Circuit in DC, which, for whatever reason, runs at 60 anyways). The only version with any differences in levels is DC, so, in theory, RTA-without-loads, if the timer in Livesplit is set properly, would be 100% accurate to compare PC Disc with every other version aside from DC, which would be KINDA nice considering the framerate differences and loading time advantages make lots of things unfair

I have already spoken to ShiningFace about it. It is currently in development, picking back up from where VeritasDL left off with the timer. I've been for the most part, letting him get it done on his own time however, because he also develops other loadless/in-game timers for other games. It's taking time, but it looks promising, by utilizing the frame counter address.

It's a long way from being done. But it seems to be in continued progress. Like Gpro has said, if you wanna look into it more, ShiningFace is your guy.