Doing a fire rod dash to enter this room from Speed Torch will cost 10 frames on entering the room, but this generally doesn't affect any of the below strategies meaningfully.
A common way of starting this room is to use the fire rod (or ice rod) to dispatch the first gibdo, usually along with a dash toward the bottom part of the room. This can either be done as a rod dash, or as two separate actions, with the time difference being negligible. In this case, dashing separately is recommended by default as it's safer and easier to execute despite being slightly slower (keep in mind that you can dash while still in the doorway, but can't use items or initiate an itemdash).
An alternative to using a rod is to perform a boomerang dash, which can stun the first gibdo on the way to the bottom of the room. This not only conserves magic but also saves time as a boomerang dash is 4 frames faster than a rod dash.
Note that with the blue boomerang you'll need to walk a bit further down to ensure that the gibdo is in range -- the video above shows the highest position from which the blue boomerang will work (vertical coordinate 1240).
Although it requires more skill in navigating the second half of the room, another alternative is to simply hookshot to the crystal pegs (faster than dashing on the left) and ignore the first gibdo altogether. This uses no magic and is actually still faster than the rod dash strategies (unless you need to be at the very bottom of the room).
The gibdo can block the hookshot, but only if you are perfectly aligned with the door -- moving even one pixel to the left will result in a successful hook. Because the hookshot can't be used while in the door frame, if you hold down+left out of the doorway there's only a single frame where the hookshot can be blocked.
The second gibdo will always start by walking right and then up. Before hitting the crystal switch, it will remain in that corner unless you move all the way to the bottom-left, at which point it will turn downwards. Be aware that one or both gibdos can pass through the raised blue pegs if they are flush against the bottom wall.
The crystal switch must be triggered twice in order to reach the left-hand doorway, and a common way to do this is to throw two somaria blocks, exploding them in mid-air once they are in line with the crystal switch. With good timing, you can summon and start picking up the second block before the first switch trigger.
Note that exploding the somaria block slightly higher than shown may cause the leftward projectile to hit the gibdo, changing the pathing required for the remainder of the room.
Somaria dashes can be used in place of tosses to trigger the switch more quickly. However, performing a somaria dash in the two-tile space is relatively tight -- you need to turn to face right, but can only move right for a maximum of 3 frames before starting your dash, otherwise the dash will fail to connect with the block and will result in a bonk instead.
Optimally, the second somaria dash will be executed while waiting for the first switch trigger, but walking to the left past the gibdo will give you more leeway to perform it while not costing too much time. The strategy shown in the video uses a downward-facing somaria dash, explained below.
If close enough to the bottom wall (vertical coordinate 12B7 or lower), placing a somaria block downward will cause it to spawn inside of Link's body. An alternative to the standard rightward somaria dash is thus to start the somaria dash while facing downward, then dash-turn to the right as shown above.
Although this requires you to be closer to the bottom wall than normal, this may be desirable to avoid the second gibdo, and has the added benefit of allowing for twice as large of a timing window compared to the normal somaria dash.
This is actually also possible to do from coordinates 12B4-12B6, but at these starting positions you must also add an upward input to keep the block in position since without it the block will shift downward too far for the dash to connect.
This hybrid strat is intended to leverage the second somaria dash but avoid the first (tighter) one. It's roughly time-neutral with doing two somaria tosses, though arguably trickier to execute.
Although slower than other strategies, bombs can be used to trigger the switch without using any magic. The bomb should be thrown from high as possible, otherwise the explosion will not reach the crystal switch before dissipating. Also, lifting a second bomb will cause the first bomb to stop traveling on the conveyor, so you must wait until the explosion before laying the second bomb.
By setting the Spooky Altitude Value anywhere from 53 (0x35) to 106 (0x6A), you can trigger the crystal switch using the fire rod because of the offset splash damage hitbox. This strategy is the fastest one through the room, but only saves roughly a second compared to the best somaria strategies, and uses an additional pip of magic in addition to requiring the correct altitude value to be set ahead of time (and properly preserved).
In most cases you won't be able to setup the altitude offset to a value lower than 94 (0x5E), so you'll want to be at the very bottom of the room, which works for values from 77-106 (0x4D-0x6A).
There are two intermediary horizontal coordinates (1B83 and 1B87) where the fire rod hit will be too far inside the wall to affect the switch. To avoid this issue, you can simply fire while flush against the right-hand wall.
The second fire rod shot can only be fired once the flame from the first fire rod shot disappears, otherwise it will not use the offset altitude value. It is quite difficult to do this before the initial switch hit (exact timing window varies depending on switch frame rule), so normally the second rod shot will be made after the switch animation.
The required Spooky Altitude Value can be set by simply walking digonally down-right after fluting to the mountain as shown, which can result in a value as low as 94 (0x5E), or slightly higher depending on deadrock RNG.
Note, however, that you must preserve the stored altitude value until reaching this room, so this is generally not applicable if for example routing through Turtle Rock on the way to Ganon's Tower. You'll also need to use boots dust (or an alternative) when placing the somaria block in Hope Room to preserve your altitude value.
The right-hand pot contains a small magic refill which can be obtained at the cost of 1.5-2 seconds. The hookshot can be used to navigate to the pot after sidestepping the third gibdo, and the pot can be thrown to clear the way to the door without being hit.