Visual aid, comin' up!
(https://themushroomkingdom.net/board/proxy.php?request=http%3A%2F%2Fwww.geocities.com%2Ff2fth%2Fmvsdk4-3-1.gif&hash=d888dea872721f4ba6b218fb67b46e17)
Step 1:
Jump on the plaftorm, handstand-jump (or turnaround-jump, which I think is easier) onto the upper platform, ride up, hit yellow switch, fall down, collect present.
(https://themushroomkingdom.net/board/proxy.php?request=http%3A%2F%2Fwww.geocities.com%2Ff2fth%2Fmvsdk4-3-2.gif&hash=774778b4502e375905c79b5aaa72bfec)
Step 2:
Get across to key, hit blue switch. Wait patiently.
(https://themushroomkingdom.net/board/proxy.php?request=http%3A%2F%2Fwww.geocities.com%2Ff2fth%2Fmvsdk4-3-3.gif&hash=7c7dba3cd4a68602180d1d62a7a5aae4)
Step 3:
Carry key up to yellow switch. Hit switch.
(https://themushroomkingdom.net/board/proxy.php?request=http%3A%2F%2Fwww.geocities.com%2Ff2fth%2Fmvsdk4-3-4.gif&hash=412c7e5f3ef58f8bfe2d8dcc860ad84e)
Step 4:
Carefully throw key onto the right side of the platform. Handstand on key. Wait until upper platform comes near, then handstand-jump onto it (requires careful timing!) and double-jump up to grab the present (remember: don't hold left until the jump starts!)
Step 5:
Beat level (should be pretty easy at this point.)