It is possible to skip the cutscene of Bongo hiting the big drum however it is 1.0/1.1 only.
This cutscene skip allows you to obtain the Shadow Medallion as a Child, since the crashes related to getting Medallions as a Child are due to the child entrance records being malformed.
Many setups to perform the "ocarina items" glitch on the blue work exist. Some are dependent on the position of Bongo when he dies, and others are not. In general, initial position setups rely on positioning Bongo Bongo along a seam prior to the finishing blow. This is achieved by moving onto one of the seams while Bongo Bongo is playing the drum. In many cases you will not have a fish, therefore using the Infinite Sword Glitch you can have a bottle in hand, ready to Ocarina Items as soon as Bongo's death cutscene is finished. After performing the "ocarina items" glitch a direction is held, and some delay is used up until the point where link hits the ground. Link should be far enough away that the warp is unloaded, and upon death as the camera turns the timing is correct and the cutscene is skipped. Some setups are shown below.
It is also possible with Legde Cancel and Sun's Song to skip the Shadow Medallion Cutscene. This is very convenient in 100% because you need to get the Heart Container.