Roll lifting is the fastest way to detonate a bomb. From the time the bomb is placed it takes 162 frames to detonate. Roll lifting is possible in all straight and diagonal directions when link is facing up or down, but is only possible diagonally downwards when link is facing left or right.
Roll lifting is frame perfect. The inputs are as followed:
[bomb + d-pad] [d-pad] [d-pad + roll]
For real time purposes, it is much more practical to hold the same direction the whole way through, but it is possible to change directions during or after the bomb is placed. Note, however, that you must be moving for at least 1 frame before you're able to roll.
First frame bomb throws* are a much more practical way to save a few frames. From the time you throw the bomb, 86 frames will pass before it explodes, unless the times has less then 86 frames left. In total, assuming you pick up the bomb on the first possible frame and throw it on the first possible frame, it will detonate in 204 frames instead of the regular 230 frames.
However it is to note that throwing the bomb, rolling to it and picking it up wastes 20 frames compared to if you just walk it. if you're confident in your reaction time to pick up and throw the bomb, then do so immediately after placing it on the ground.
*they are called first frame bomb throws because at the time, it was theorized that this method only saves time if you throw it on the first possible frame. This, however, is not the case.