Can you do a triple jump dive with the baby penguin?

Try it and find out.

No.

technically if you could get hands free you could, but like, why?

Just wondering cause I was doing 0 A Press Button Challenge.

@CaptainoKirbsCaptainoKirbs like @AngryKermitAngryKermit said there is a glitch with baby penguin where you can go hands-free, it's a common glitch in SM64 Sapphire runs. From there as long as you don't dive or turn then you should retain that state (you CAN triple jump, but diving would drop the penguin). I don't know where in CCM you could trigger it though for ABC.