It's possible to skip talking to Malon to get the egg, and waiting for it to hatch into a chicken to wake Talon before going to Zelda's Lullaby, as long as you have an explosive.
Simply stand on the little platform near the water, and do a damage boost with a jumpslash to boost yourself to the ledge. With a chu you can shield drop it in mid air or wait until it is about to explode. For a bomb you have to wait for it to explode.
You can also Megaflip to the ledge if you push the blocks next to each other, or do a hover to get there as well.