The fastest way to enter the portal is to bonk off of the right side wall after walking north. With clean movement and the correct spacing, you can make it past the hardhat beetle and proceed directly into the portal. Bonking too high will cause you to start slipping into the pit, but bonking too low will result in getting hit by the beetle. If this happens, the invincibility from the fall lasts long enough for you to be safe from the beetle for your second attempt.

For this strategy it's vital to use a diagonal input when moving out of the doorway. Holding up in the doorway will slow Link's movement down, making it more difficult to make it past the beetle.

This strategy doesn't work as well on the bottom half of the room, since there is not enough space to cleanly get past the hardhat beetle.

If they are available, a single sword beam or silver arrow will deal with the hardhat beetle at very little time cost. Alternatively, the hookshot can be used, although this will cost about an extra half second.

If the boots are not available, a bomb jump is the fastest way to reach the portal. Many setups are possible, but the recommended one is to lay the bomb while facing right and flush against the wall, to ensure that the bomb is always in the same horizontal position. From there you can use a spin slash setup to move left until you're at the very edge of the pit, letting the bomb send you diagonally down and to the left.

The above image shows the range of vertical positions (from 0F48 to 0F61) that will work for the setup mentioned above. The setup will still work even if you inadvertently move slightly up or down while performing the spin slash setup, unless you are at the lower end of the position range, at which point the bomb may send you too far downward.

This block hookshot strategy is slower than the bomb jump and quite difficult to execute, but is shown for completeness in case bombs/boots are not available.

Like all moving statues, hookshotting to the statue does not work, so you must hookshot to the bottom edge of the block instead. Hold down+left out of the hookshot and then transition to holding straight left to push the statue. Ideally you'll transition to walking upward immediately as the star switch is depressed, allowing you to clip past the block without danger of slipping into the pit.

If you used the hookshot too high up, Link will slip into the pit before making it to the statue. To prevent this, you can briefly hold straight down after the hookshot, before transitioning to down+left.

Without any equipment, you can simply walk around the bottom part of the room and then push the statue to the side. Because there is only a single horizontal pixel (173F) where Link can walk past the statue without starting to slip into the pit, you'll most likely need to use diagonal inputs while navigating around the statue to avoid falling.