The ALTTP randomizer is intelligently put together. It doesn't create a game with an unbeatable (or near impossible) deadlock. For example, it won't require you to go through caves if you don't have the lantern. It doesn't avoid ridiculously easy setups, but since it's usually run as a competition between two players with an identical seed, that doesn't matter.
If I were going to start speedrunning, this would be where I would start.