Here's an alternative to the traditional route; here we pick the Jolly Roger in the middle of the route. The advantage over picking it up earlier is that, on the floppy disk versions, you only have to scroll the inventory three times instead of four. The advantages over picking it up later are that you get more time to scroll the inventory after picking up the ink and that movement is a bit easier.

Credit to everyone in the Monkey Island speedrun community for all the other optimizations (both big and small) regarding this part of the game.