The only way you can potentially cut off 20 seconds from Mirage Road 1 with either character is if you do it illegitimately. First you would need to avoid taking the trolley that you would begin riding about halfway through the level, which is in one of my Youtube videos. The problem now becomes how to get over the massive gap in between you and the spring at the end of the trolley section.
The only possible solution is to use an Action Replay device to give yourself the ability to moonjump. But of course you knew that.
I skipped the spring at 2:03 by using a high jump and reached the goal ring.
You can't skip that spring otherwise. Sonic and Blaze don't jump high enough normally.
And another thing. Your DL1 Sonic score is 123xxx. Here's how the math works:
85000 max for time bonus.
20000 max for trick bonus.
10000 max for speed bonus. (you did not max this because the last x is not a 0)
That would leave about 8000 extra points for your ring bonus, meaning you collected at least 800 rings. The only problem here: it's impossible to get that many rings in this level! The level does not have more than the 519 possible using the best possible ring collection route.
Any last words?