Bomb clip only saves ~12 seconds over ground pounding the pole. If you opt to skip bomb clip, make sure to delay your dive just a bit when running past the chain chomp so he doesn't hit you. (Full Video)
To reduce lag at the start, buffer c right on entry, then c-left+c-down, then c-left. To save an additional lag frame more on the textboxes, go into c-up right after.
Quick backup if you accidentally lose the bomb
You can move quicker with the bomb if you hold a direction after jumping