Around 3 hours 35 minutes to beat all 4 chapters as shown in this unedited playthrough. This game was released exclusively to Japan under the name "BS Zelda No Densetsu Kodai No Sekiban Dai 1 Hanashi" and was part of a broadcast that included real voices and a 1 hour timer for each episode. This emulated version is a recreation of that. My good friend Bob Rupples provided step by step guidance while looking it up on a tablet, as he has beaten these before. I beat Zelda 3 on SNES decades ago but dont remember the layout of the game. You really need to know what your doing since time is so limited for each episode.
While I used some fairies for revivals I never actually died in the run.
Saved progress carries over from chapter to chapter, so you really have to keep up with completing the 2-3 main dungeons in each chapter, on time. Extra time can then be spent finding heart containers and optional items. This was complicated to set up on the emulator, so my friend was able to set that up as well as provide guidance for the game. During the time of Zelda 3 on SNES, I borrowed his console and games and he also guided me through that game.