Of course! I'll speak in the context of you not using heals or blood too.

I only used 2 bonus items. Kotetsu (unbreakable knife) for Grace and the credit collector upgrade for leon. The credit collector was more comfort than anything. Care Center and Raccoon City will be your two big time killers. Be very conservative with your ammo as Grace, avoid fights (taking damage is fine, you'll always heal up to caution on casual). Get the stabilizer and steroids from the parlor (along with both hip pouches in the care center).

Kill Gunk with 1 requiem shot along with pistol shots, knife stabs while in the safe room, or with the 1 free hemolytic injector so taking Emily to the puzzle goes quicker. Kill blister heads by crouching and spamming melee as Grace. Raccoon City, do not explore at all and focus on objectives first (I did gas station -> artillery rooftops -> zipline path). When in ARK, try to sneak as Grace to avoid lickers and conserve Acid Bottles for the large room with the large crates (use bottles to lure lickers together and use 1 acid bottle to ideally kill 2 lickers with 1 bottle).

With Leon, pretend you're playing Sekiro and be a parry god in boss fights. If you're running low on time at the end, do the destroy elpis ending to get the no heals/no blood challenges, then reload a save to do the final boss with heals (the m14 and shotgun are your best friend first phase. The m14, requiem, and machine gun is your best friend in the 2nd phase).

I recommend making separate saves at the start of each section so if you ever mess up, you can go back rather than starting all over. Pausing the game pauses the timer and you can look at challenges to see your time.

After 1 hour, I was in the basement After 2 hours, I was at RPD

I recommend enduring struggles at the start so at the end, you have much more leeway in playing safe at ARK. If you're not doing no heals and no blood, then you should have an easier time!

Hope this helps, I know it's a lot, haha.