Race Game Clip
This allows you to obtain the race game item without completing the race.
Clip into the bottom bump 1 higher than normal to setup an irregular downward (2-2-1-1). Do not teleport.
Next, dashtap (dash then hit right but dont move) so that link is facing right. After that, buffer downleft to pop up onto the ledge by the item.
Tap up to get the item, then tap right then up so that you can hold left to free yourself from the stump.