How do you earn the Speed Demon bonus in Super Smash Bros. 64?

I’m looking for some more specifics on how the Speed Demon bonus works in Super Smash Bros.

1. How quickly do you need to complete the single player mode? (I’ve seen both 8 minutes and 12 minutes online.)
2. Does that time include non-play time (i.e. the time sitting at the point screen or paused)?
3. Does that time include the bonus stages? Do you need to successfully complete the bonus stages, or would it be strategic to immediately bomb them (for the target and platform stages).