HP: ~115 (tildes denote approximation)
-first attack phase: 15
-second attack phase: 10
-third attack phase: ~90
Kraidgief glitch. 'Nuff said. Actually, I don't know how to pull it off in the newer release builds. Someone wanna fill this in for me, or at least give some hints? At any rate, there's a little luck involved in getting lower times. His first attack pattern should be easy enough to blaze through.
For his second pattern, though, make sure you don't repel Kraidgief too far away; you don't want your bullets to waste time traveling a long distance and you don't want Kraidgief taking any more time than necessary to get into position for his third attack pattern. Now, here's where luck plays its minor role. Kraidgief has 3 attacks: hadoken, headbutt, and walk-in. I haven't explored this a lot, but I think the hadoken's the favorable attack. If you hit him enough in the first phase, you'll only need him to launch one hadoken. Whatever the case, the walk-in attack is the slowest.
As Kraidgief does his spinning lariat, jump up and follow the bottom of his fist carefully. Get as close as you can without making contact with him. Once he stops, immediately jump and fire at his head. If you drained enough HP in the first attack phase, you should be able to skip the second phase. (thanks to Ruzy for suggesting this)
Finally, the third attack. Before you hit the second Blanka platform, keep shooting at Kraidgief. If you're lucky, the bullets that ricochet will hit his head. But if you're unlucky, your max bullet count my be reduced. When you get to the second platform, you should be able to jump up 3 times and fire at his head. Any more and the fourth platform will appear instead of the third one.