The in game timer is nearly a minute off, control of the character is gained the frame that the health bar appears when the starting character lands and control is lost on the last against the last boss Spud. based on this I timed it at 34:56.

There aren't really any glitches so the only thing that might need an explanation is when any of the characters jump when they land their hit box is smaller so you can sort of 'Jump' under gates.