Ireland said on the Sunsoft forums:
“Okay, it’s taking longer than I wanted, so I’ll spill a little bit of what’s in store.
We are having a multi-phase contest for Blaster Master VC. The FASTEST speed run, and 2nd and 3rd place will win some pretty awesome stuff worth thousands of dollars. BUT, even if you’re not fast enough to win THE prizes, you will still be able to get a prize that’s a limited-edition Blaster Master promotional item you won’t be able to buy anywhere else. And it’s not going to be some crappy paper thing. It’s a real-deal item in the WD tradition.
I’ll have more details and pictures of the swag around New Years, but start practicing your game. You must be able to finish the whole game beginning to end, and tape (or DVD) it as proof you did it.”
Good to know the prize isn’t “some crappy paper thing.” Blaster Master is tough as nails even with the grenade pause trick. As long as you finish the game and record your achievement with the Wii menu booting up you should get something. Ireland also says, “Two of the levels are the big prizes (1st. 2nd, 3rd) and the LE [limited edition] swag for finishing outside the top 3, but finishing the game nonetheless.”
A million thanks and a pet frog that doesn’t run away to Hiryuu for the tip!