As of a few days ago, there is a load remover for LiveSplit that will pause the timer during loading segments when CNK is played on the Dolphin emulator. It pauses anytime a loading screen appears as well as during the lag frames that precede the loading screens themselves. The plugin is memory-based i.e. it gets fed the information that the game is loading directly from the emulator itself, therefore it is technically as accurate as it can be. Since it is not based on visuals, this edition of the load remover cannot be used for consoles though -- but efforts to tackle this are being made!

Please use the Dolphin Load Remover (it's under 'Resources') in future emulator runs from now on. Existing emulator runs will be retimed to fit the leaderboard, now with console and emulator runs merged under the same category. The rules have been overhauled to reflect these new developments.