c0o1's method stands here, for sure.
Turn 1: blowtorch right (just enough to make it through), backflip and try to stand on the enemy worm's head. Use skip walking when you can (I'm still figuring out how to do this without using my right hand). Keep in mind this is a speed run, so extra angles, skip walking, telecows, etc, are allowed.
Turn 2: Bungee toss yourself to get up. A soft landing generally does save time, as shown in Alex13's run here, but I attached two examples of a hard landing, not much slower. I think it's fine to prioritize just getting up there in general.
Turn 3: Not much to say, try to bungee to efficiently grab the jetpack and snag the crate.
The skill needed here is really memorizing your bungee motion to get that first bounce, otherwise you won't have enough power. And you need to use just 2 bounces off the wall, or it won't save time. My swing thought right now is hold down/left the whole way down, then switch to up/right just a moment before the worm reaches the bottom of the bungeeing, the last moment they still have a tiny bit of downward velocity. It's working pretty well at the moment, I think I can get it almost every time.