Bombs

Bombs take 230 frames (3.5 seconds) to explode normally but there are two different ways to make them explode faster.

Bomb Throw

Bombs explode faster if they're thrown. Assuming you pick up and throw the bomb on the first possible frames, it will detonate in 204 frames instead of the regular 230 frames, saving just over 0.4s. From the time you throw the bomb, 86 frames will pass before it explodes, unless the bomb timer has less then 86 frames left.

Roll-Lift

Roll lifting is the fastest way to detonate a bomb. From the time the bomb is placed it takes 162 frames to detonate. Roll lifting is possible when Link is facing up or down (even when diagoanlly walking). Roll Lifting when Link is facing left or right is only possible if link is moving diagonally down, or if no direction input is held the frame the bomb is placed.

Roll lifting is frame perfect. The inputs are as follows:

Be moving
Frame 1) Direction + Bomb
Frame 2) Direction
Frame 3) Direction + Roll

For real time purposes, it is much more practical to hold the same direction the whole way through, but it is possible to change directions during or after the bomb is placed. Note, however, that you must be moving for at least 1 frame before you're able to roll.

Overall, Roll lifting makes the bomb explode 1.1s faster than simply placing the bomb, and roughly 0.7s faster than throwing the bomb.