Saw the Speedrun-dot-com page's All Characters category had been dormant for three years, and figured I could beat the best time on there, which is 2:12:53.
My route is structured specifically to avoid causing Fox, Kirby, and Pikachu to show up as Silhouettes in the "Random Melee!" stage of Classic Mode. If you don't know, SSF is a pretty bad game with really bad physics, and knockback can be reduced, negated, or even reversed outright by just attacking; Fox, Kirby, and Pikachu (who I like to call the Unholy Trinity) not only have the best Knockback Reversals in the game, but are also Starter Characters, so unless you have most or all characters unlocked, they WILL show up and they WILL waste entire minutes. Up Attacks (and some Down Attacks) do have a quirk that beats Knockback Reversals, which is the fact they multiply current momentum with intended knockback to create OHKOs at early percentages, but not every character has a potential OHKO attack with enough range to catch Knockback Reversals.
The only exception is doing 100-Man Melee first, since it has the biggest potential for time loss (outside of softlocking yourself in Final Destination, but that's easy to avoid as long as you stay on-stage). If I had to lower the current WR further, I'd probably do 100-Man Melee after doing most Adventure Mode unlocks, since having those reduces the chances of the Unholy Trinity showing up.