Grabbing the Toad star before entering Tick Tock Clock allows you to do easier movement, but with a slight time loss (~0.3 seconds).
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Tippy Toad before TTC
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Movement from TTC to BitS
After TTC
Grabbing the Toad star after completing Tick Tock Clock can save a little bit of time over grabbing it after Rainbow Ride, although this will depend on how quickly you can do the castle movement for either option.