Yes, the fine art of Speedrunning is alive and well, especially with this second renaissance of retro games and remakes brought on by the rise of the virtual console. I’m still deciding which system to buy in order to play this excellent game, so I haven’t watched this for fear of spoilers, but that shouldn’t stop you. Here’s a torrent if you don’t want to watch it embedded.
You can read the speedrunner Satoryu’s notes on the run here; he thinks sub-24 is possible, but we’ll never really know what the true minimum time necessary is until the TAS’ers take a shot at it.