If you add up all the world records on the IL leaderboard, you get 12 minutes, 42 seconds, and 12 milliseconds as the best time on single segment. Though, getting all the luck and execution makes it probably near impossible

NOTE: It's actually 120 milleseconds, sorry.

It may be one of those "One in million" chances but never say never. You could find out that in ten years someone might even surpass this theoretical best

I’m late, but I wanted to point out that the chances for the perfect MTPO speedrun are WAY less than one in a million, it may even be one in a billion!

Mpap made a video about this. It's called "Why the Perfect speedrun of Punch-Out!! will never happen" It should be a good informational video for people interested in running the game. Take a look: