Very solid run; the largest timeloss came from getting stuck on the wall at the end of the minecart level and a movement mishap in the bat level which cost ~0.7 seconds combined.
4:0x is feasible by cleaning up those mistakes and incorporating more strategies from the TAS such as the fast hat shop entry, leftside pre-air wizard and more movement optimizations. However, these strategies are more inconsistent and take place at the tail end of the run; this, combined with needing great earth wizard RNG, make 4:0x very difficult.
Massive thanks to Queenbea and BirdBanana for creating an optimized TAS for this game which has led to over 20 seconds of new RTA-viable timesave being found for this category, and likely many more to come.
I am done with this category until there is more competition and/or a new, consistent strategy is found/implemented.