To easily win the hyrule race you need to unlock 3 things: Skull Woods Save point, Miner's House Crack, and the Lorule Crack that is next to the starting point point of the race. WHen you start the race quickly wall merge and go to Lorule at the crack nearby, then summon the broom and warp to the Skull woods, make your selection quick as time will continue to tick down. Walk down South east out of the wood and procced to the ruined miner's building in Lorule and slip in between the bars to gain entry and re-emerge in the Miner's House. Exit quickly and head north to the finish line. Using this method with just walking I've achieved times of 55 seconds, with using the pegasus boots it's possible to get around 45 seconds.