This hack is very good in terms of technical quality, being comparable with some of the most difficult hacks out there. I also didn't find any obvious breaks, so that was a very good work by the author.
The most obvious issue, which was also pointed out in NBKevin98's comment, is how closely similar it is to IA3. I don't find it a problem to be inspired by another hack, but I felt there was a significant lack of originality here.
I know the author is considering to make a second hack and I strongly encourage it. It'd be great to see a sequel that is as difficult, but more original than this one.
Wow, that came out of nowhere... Awesome Hack! Also, for a first Pit Hack this is REALLY impressive. Just imagine what would come next...
Still, there are some sections that come very close to the level design of Item Abuse 3, like the Cape Section for example. First the cape, then the Yoshi-Shell jumps... Very similar. Other than that, i really liked those complex inputs. It might be very complicated to do it all (it can be VERY annoying), but when you finally finish the TAS it all pays off. Its a great feeling.
Very nice to see some more crazy people out there going to the games limits!