1st time speed running and wanting to do a Co-op run.

What is absolutely necessary to summit a new game Co-op speed run with no merchant?

Our framerate has to be the same, our versions has to be the same, both on new game, and no merchant right?

But do we need both need record our speed runs and summit separately as well or just one of us?

Is playing on version 1.2 is okay?

I am new and want the learn the right way before we try to speed run. Thank you for your time.

Look at the no merchant rule set.
Your frame rate is fully up to you.
One side is required but both is a good idea if you can.
1.2.0 is okay as long as you show you've turned off the auto QTE's in the game settings.