Sly 3: Ultimate Gauntlet MTC [3:52.59] - only Paraglider
This is how we play Gauntlet optimally (at least the first half of it) in the Any% w/ cheats category (A Category Extension).
-choked some rail sliding in Tennessee's section: 2.5-3 seconds lost
-an unnecessary extra slope jump in Thaddeus' section: 1-1.5 seconds lost
-bonked on a wall in Otto's section: 0.5-1 seconds lost
So based on this I'd say that at least a 3:48 is realistic and achievable with only paraglider atm.
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