See the starting movement in the Bomb Clip section for the beginning movement for this star.
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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)
Bomb Clip
Examples of various movement options and camera setups:
C-right before LJ and at initial bomb grab (Full video)
Tips and Backups
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.
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Quick backup if you accidentally lose the bomb
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You can move quicker with the bomb if you hold a direction after jumping.