the 8 minute time limit is tight so you have to move fast all the time.
Basically if you see item boxes/damsels/ treasure thats not too far a detour, you pick it up. Basically the essential items are a compass, shitloads of bombs and a couple of ropes. Jetpacks and capes are nice to have but not necessary. I would say the compass is the most important. It is the only way to safely traverse the ice caves quickly, and combined with lots of bombs makes the temple MUCH easier. So yeah it's actually an idea to scum the mines until you get a compass and decent supply of bombs.
Did 200 or so attempted speedruns this evening, of those I made it to the boss in time about 6 times, then choked on the boss at some point. I think what i really need to do is just jump on the temple shortcut and make sure I get more consistent at defeating him. It's just that the 'fast' method of beating him is so damn fickle.
Man speedunning for 8 hours straight has turned my brain to putty. Time to lie down. I'm pretty good at Spelunky now tohugh! Maybe I'll give the speedrun a rest for awhile and work on some other tasks, like the city of gold quest and finding hell