I don't know if I'm being an idiot right now, but I think spamming the item equip button as you're falling makes you fall quicker? Seems to me that's how it works.
Regardless, pressing item equip after going on something that jumps you (ziplines, trampolines, etc.) will make you go less high/less far, which is great since there's no time penalty for going into item equip mode (well I have my suspicions it charges you the few millisecond fade ins and outs, but it's pretty hard to time something like that)
This is definitely not the most useful thing ever but I guess it could save half a second here and there...
Also, with the skull perhaps we could just negate time altogether by using glitches in the forums below please like and share and comment and subscribe thanks (haven't tested this at all which is why it's a "could")
Ok I got a skull substitute: bacon!
I can confirm bacon on screen pauses timer so that's cool. Now for some more testing.
Ok everything (bacon, dead pause menu, pause menu) on screen while moving has let time still continue on the timer. As well as the item equip while enemies moving thing, that progresses time as well... oh well hopefully something will be found.