A three-hp run significantly limits your time by disallowing certain shortcuts, specifically the one where you take damage bypass a time door and the final form of Ballos where you get into his eye (the low spikes only do 2 damage, but I'm pretty sure there's no way you can kill him before your flash wears off and get hit by the orbital spheres).
I think you're lying about the 3hp. And if you'd lie about that, you'd lie about the time. Also the time itself is ludicrous.
@trickybilly that would take a lot of work. You'd have to calculate the optimal route, figure out how many frames/timer update, consider enemy placement, not to mention I have no idea how you'd calculate an optimal pattern for ballos :0
I mean, if you could do that, you could probably write a HellBot to play it for you and make you look godly.