This is the current world record route. Several contributions go to this route from LackAttack24, Darkwing Duck and Cantaloupe (Cantoutfapme). The difficulty of this route is making sure you have a good rupee and bomb count coming out of Level 1 (in addition to using a wood sword the whole time).
Get the Wooden Sword out of the cave on the starting screen
Screen scroll to Level 3
After leaving Level 3, head to Level 4
After leaving Level 4, make your way to Level 1 (you need at or around 30 rupees leaving Level 1 and 5-8 bombs)
After leaving Level 1 Get the HEART CONTAINER at heart rock
Go one screen east and get the 30 SECRET
Make your way to the screen east of Level 5 and buy the BLUE CANDLE
Screen scroll to Level 5
After leaving level 5, use the Recorder to warp to Level 3
Get the 100 SECRET WNW of Level 3 (Dead wood 100 Secret)
Screen scroll toward the graveyard but make your way down south to do the world wrap and grab the LADDER HEART
Go north and get the RAFT HEART
Get the 30 SECRET at the armos east of Level 2
Scroll over to Level 2
After leaving Level 2, use the Recorder to warp to Level 4 and buy MEAT and ARROWS
Make your way to Level 7
After leaving Level 7, scroll to the graveyard
Collect the MAGIC SWORD from the old man at the grave
Enter Level 6
After leaving Level 6, use the Recorder to warp to Level 2
Enter Level 8
After leaving Level 8, use the Recorder to warp to Level 1
Enter Level 9