Meta analysis, damage optimization, cooldown tuning, investment priority.
The fastest Ocarina of Time run is 3:47.9 and never leaves Kokiri Forest. The fastest glitchless one is 2:09:05. Here is every full-game category on the main speedrun.com board, its record, what each ruleset bans, and where a new runner should start.
You already know where the Longshot is. The Ocarina of Time Randomizer empties every one of the game's item locations and refills them from a shuffled pool, and thirty years of memorized checks stop being useful the moment you generate your first seed.
The Water Temple is not hard. It is badly signposted, and on N64 it makes you open a menu roughly two hundred times. Once you understand that the whole dungeon is one vertical shaft with three water heights, it collapses into something you can clear in under an hour.