Changed to 3:12:04 - First control is at 0.06 and Grolgoth dead frame is 3:12:04.52.

Late answer, but I discussed the topic a while ago on the Discord server.

Dialogue skips (like skipping the Mini Globoxes in Woods of Light) are allowed. Clipping through trampolines/nets (like in Echoing Caves) is also allowed since it's an intended game mechanic.

As long as you don't clip through walls, or use any full memory card related glitches, you should be fine.

You don't need to worry too much about lums or cages in Revolution. There aren't any requirements to collect lums to unlock different parts of the game, unlike in Rayman 2. However, I would recommend you aquiring 150 lums before the Pirate Ambush sequence, right after the Sanctuary of Stone and Fire, so that you can spend them on the Rapid Fire upgrade, which makes the Pirate Ambush much faster in comparison. But it's super easy to collect enough lums before fighting the pirates so you shouldn't worry too much about it.