Unlike in the Oracle series, pitwalking down in Link's Awakening is doable in rta and very easy with buffers.
Line Link up so that he is on the seam between pits, walk down over the pits, and start buffering a down input. When you hear Link fall, unpause and walk down, and you should be on the other side of the pit.
Line Link up as before, and hold down. There is approximately a 1/8 chance, due to a frame rule, that you will pitwalk instead of falling in the hole.