Backwalk and fall into the water then pull yourself up, onto the platform. Hold L, sidehop, then immediately backflip. You should have landed on the wooden boat without triggering the text. Climb to the bow of the boat, then roll/jump to grab the rock face.
Aligning the "flat" side of the R in Return with the meeting point of the two rock faces will help assure that you grab the ledge.
After the initial FF1 cutscene has ended, turn left so that you are facing the rocks. You want to stand near the edge of the water, and be angled just slightly to the left of the wall. If you are angled correctly, when you roll and jump off of the ledge you will jump right past the wall and grab the very edge of the rock face.
Note: Later in the game, you will encounter a dead end if you have performed this trick (this is true of all the above methods), since you will lose your sword. Because of this, this trick should only be used in an individual level speedrun of Forsaken Fortress or a smaller race to Din's Pearl as a timesaver.
Simply roll at an angle off of the walkway to the window and preform a sidehop directly after landing to prevent a bump into the wall. From here, you can navigate your way to the searchlight. Also, as a quick way to dispose of the bokoblin, you can lure him towards the ledge and use a quickspin to knock him off of it.
After you have climbed the ladder to the first searchlight, lull the bokoblin into attacking you until you health is reduced to 1/4th heart before killing it. With a deku stick in hand, move over to the ledge and stand on the second black splotch from the right. Now your situation will determine you angle. If you are preforming this trick as part of a FF1 IL, you will want to use C-up to align just right of the big door by the hero's sword. If you wish to grab the hero's sword, you will have to align with the heart on the right that is along the sidle ledge.
Note: While you're hovering, you can still be detected by the two remaining searchlights. Although they cannot catch you mid-hover, they can if you land and heal. For the runner who still wishes to collect the hero's sword this means constantly readjusting the height of your hover as to avoid being caught by the searchlights. However timing for an IL of the dungeon ends upon touching the loading zone behind the big door. For this reason, this trick is most likely to be used only in the IL scenario.
Once you have selected you angle, exit out of C-up and wait for the camera to pan out. Jump off of the ledge and at some point once you have cleared the walkway directly below you and Link stops moving forward in his jump do a jumpslash. If you did the jumpslash at the right time Link will either:
In either case, you want to mash B in order to start the hover. This is because in situation 1, the first slash you take will pull you off of the ledge allowing you to hover OR in situation 2, the recoil from the stick hitting the boat will push you off the ledge allowing you to start the hover. From there, just hover to where you desire.
It is important to note that it is completely unnecessary to disable the second and third searchlights in the process of getting to the hero's sword. These are referred to as the "second" and "third" searchlights based on the assumption that you used the above trick to disable the "first" searchlight.
Unless you are right next to them, you will not immediately be caught simply by being in the sight of a moblin. It is possible in most cases to easily escape the moblin's field of vision with good and well-timed rolls to get around corners and over hills quickly.
Instead of simply holding the control stick in the direction you wish to sidle, push the control stick lightly and rapidly. This will allow to cross the distance a bit faster.
It is possible to get inside Forsaken Fortress without needing to blow up the front door and get in on the second visit. Instead you can swim to the standable spot on the left side of the fortress and item Slide through the corner at that location. From here you can swim underneath the Phantom Ganon trigger to start the battle and be teleported to it, out of the water. This not only skips blowing up the wall, but also the cutscene with the KoRL that would normally play as you enter. If you clip through the wall and go way past Forsaken Fortress, you were likely aiming too far left, if you only go past it a little bit you were likely aiming too far right.
After you equipped the Skull Hammer, walk up the first two stairs. Stand on the wall facing the ladder on the other side of the area and use your leaf to glide over and grab it.
it is possible to skip needing to go through the moblin room on your second visit by item sliding to the railing on the stairs after that room from a corner near the center searchlight.