The battle inside the Ghost Ship can be skipped simply by performing Leaf Pumps and grabbing the ledge on the other side.
Along with receiving Triforce Chart #4, the Ghost Ship is also used in speedruns to farm the necessary 3184 rupees needed to decipher all of the Triforce Charts with Tingle. This can be done by repeatedly entering the Ghost Ship, collecting approximately 310 rupees in the pots, and then save warping.
By voiding out in the Ghost Ship, you can respawn the pots that hold the rupees near the chest without having to savewarp and sail back in. This also means you won't have to worry about the day/night cycle when farming the Ghost Ship for rupees. To start, target the chest from the front until your angle locks onto it (keep holding L for the rest of the trick). Move backward until you're past the door frame and then left so that you're almost at the edge of the platform (pull back the camera with the c-stick so keep the camera's position relative to link the same). Run forward so that link stands on the edge of the platform next to the door frame, and against the wall. Now place a bomb, back up a little bit so you don't grab the bomb, sidehop, and then pull out the leaf and hold right on the controller, so that link flies back to the ledge. Cancel the leaf to grab the ledge and then hold down to ledge clip right. If done correctly, Link will go through the wall and void out, which will spawn you back at the entrance of the ghost ship. Magic is also tight while doing this trick about 7 times in the current route, so be cautious of it.
The Ghost Ship only appears at night, so manipulating the Day/Night cycle is crucial in a speedrun in order to skip having to obtain the Song of Passsing or needing to wait for the Ghost Ship to appear. The Ghost Ship also appears at different islands depending on the moon phase, and manipulating its location is also important. The time is measured in-game in terms of hours and minutes. 0:00 is defined as midnight, 6:00 is when it turns day, and 18:00 is when it turns night. The in-game date also advances by 1 whenever the time passes midnight.
Time passes differently depending on the current time. Between the times of 6:00 until 11:00 and 18:00 until 23:00, time passes everywhere normally on every island, including inside dungeons, buildings, and hidden caves. However, at any other times, time will not pass on certain islands. These islands include Windfall, Dragon Roost, Forest Haven, Outset, Gale, and Headstone. Time will also not pass inside any building, dungeon, or hidden cave. Because of this, it is crucial to wait until it just turns day or night if you want time to pass at certain places, or arrive at a certain place before it turns day or night in order to have time freeze.
Occasionally, certain in-game events will reset the current time to a certain value while still preserving the current in-game date. Arriving at Greatfish will immediately reset the current time to 0:00 (midnight). Visiting both Hyrule 1 and Hyrule 2 will also reset the current time, but to 12:00 (noon).